KKR FS Income Trust Select 10-Q 14 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	814-01706
Entity Registrant Name	KKR FS Income Trust Select
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	92-3617067
Entity Address, Address Line One	201 Rouse Boulevard
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19112
City Area Code	215
Local Phone Number	495-1150
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,348,463
Entity Central Index Key	0001975736
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

Statements of Assets and Liabil

Statements of Assets and Liabilities - USD ($) $ in Thousands		Jun. 30, 2024		Dec. 31, 2023
Assets
Total investments, at fair value (amortized cost—$119,830 and $0, respectively)		$ 120,049	[1]	$ 0
Cash and cash equivalents		72,034		1
Foreign currency (amortized cost—$13 and $0, respectively)		13		0
Receivable for investments sold and repaid		7		0
Income receivable		1,093		0
Expense support receivable		347		0
Prepaid expenses and other assets		98		0
Total assets		193,641		1
Liabilities
Payable for investments purchased		35,590		0
Shareholders’ distributions payable		1,707		0
Accrued capital gains incentive fee	[2]	27		0
Administrative services expense payable		157		0
Distribution/servicing fees payable		64		0
Accrued accounting and administrative fees		10		0
Other accrued expenses and liabilities		98		0
Total liabilities		37,653		0
Commitments and contingencies	[3]
Series A Preferred Shares, $0.001 par value, unlimited shares authorized, 515 and 0 shares issued and outstanding, respectively; liquidation preference of $1,545 and $0, respectively		1,439		0
Shareholders’ equity
Common Shares, $0.01 par value, unlimited shares authorized, 6,095,697 and 40 Class S shares issued and outstanding, respectively		61		0
Capital in excess of par value		153,398		1
Retained earnings (accumulated deficit)		1,090		0
Total shareholders’ equity		154,549	[1]	1
Total liabilities, preferred shares and shareholders’ equity		$ 193,641		$ 1
Net asset value per share of common shares at period end (in dollars per share)		$ 25.35		$ 25
[1]See Note 7 for additional information regarding the fair value of the Company’s financial instruments[2] See Note 2 for a discussion of the methodology employed by the Company in calculating the capital gains incentive fees. See Note 8 for a discussion of the Company’s commitments and contingencies.

Statements of Assets and Liab_2

Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Amortized Cost	$ 119,830	$ 0
Foreign currency, cost	$ 13	$ 0
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares issued (in shares)	515	0
Preferred stock, shares outstanding (in shares)	515	0
Preferred stock, liquidation preference	$ 1,545	$ 0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	6,095,697	40
Common stock, shares outstanding (in shares)	6,095,697	40

Unaudited Statements of Operati

Unaudited Statements of Operations - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
		Jun. 30, 2024	Jun. 30, 2024
Investment income
Interest income		$ 2,590	$ 2,695
Fee income		108	137
Dividend income		7	7
Total investment income		2,705	2,839
Operating expenses
Management fees		284	311
Subordinated income incentive fees	[1]	340	340
Capital gains incentive fees	[1]	13	27
Administrative services expense		139	180
Distribution/servicing fees		112	112
Share transfer agent fees		22	22
Accounting and administrative fees		12	12
Audit expense		77	98
Other general and administrative expenses		97	108
Total operating expenses		1,096	1,210
Management and incentive fee waivers		(624)	(651)
Expense waiver	[2]	(347)	(347)
Net expenses		125	212
Net investment income		2,580	2,627
Realized and unrealized gain/loss
Net realized gain (loss) on foreign currency		0	3
Net change in unrealized appreciation (depreciation) on investments:		113	219
Net change in unrealized appreciation (depreciation) on foreign currency		(5)	(5)
Total net realized and unrealized gain (loss)		108	217
Net increase (decrease) in net assets resulting from operations		$ 2,688	$ 2,844
Per share information—basic and diluted
Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share) - basic (in dollars per share)		$ 0.65	$ 1.31
Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share) - diluted (in dollars per share)		$ 0.65	$ 1.31
Weighted average shares outstanding - basic (in shares)		4,076,070	2,130,039
Weighted average shares outstanding - diluted (in shares)		4,076,070	2,130,039
[1] See Note 2 and 4 for a discussion of the methodology employed by the Company in calculating the subordinated income incentive fees and capital gains incentive fees.

Unaudited Statements of Changes

Unaudited Statements of Changes in Net Assets - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
		Jun. 30, 2024	Jun. 30, 2024
Operations
Net investment income (loss)		$ 2,580	$ 2,627
Net realized gain (loss) on investments and foreign currency		0	3
Net change in unrealized appreciation (depreciation) on investments		113	219
Net change in unrealized appreciation (depreciation) on foreign currency		(5)	(5)
Net increase (decrease) in net assets resulting from operations		2,688	2,844
Shareholder distributions
Net decrease in net assets resulting from shareholder distributions		(1,753)	(1,754)
Capital transactions
Issuance of capital	[1]	108,458	153,458
Net increase (decrease) in net assets resulting from capital share transactions	[1]	108,458	153,458
Total increase (decrease) in net assets		109,393	154,548
Net assets at beginning of period		45,156	1
Net assets at end of period	[2]	154,549	154,549
Common Stock
Shareholder distributions
Distributions to shareholders		(1,707)	(1,707)
Preferred Stock
Shareholder distributions
Distributions to shareholders		$ (46)	$ (47)
[1]See Note 3 for a discussion of the Company’s capital share transactions[2]See Note 7 for additional information regarding the fair value of the Company’s financial instruments

Unaudited Statements of Cash Fl

Unaudited Statements of Cash Flows $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$ 2,844
Purchases of investments	(119,989)
Proceeds from sales and repayments of investments	171
Net change in unrealized (appreciation) depreciation on investments	(219)
Accretion of discount	(12)
(Increase) decrease in receivable for investments sold and repaid	(7)
(Increase) decrease in income receivable	(1,093)
(Increase) decrease in expense support receivable	(347)
(Increase) decrease in prepaid expenses and other assets	(98)
Increase (decrease) in payable for investments purchased	35,590
Increase (decrease) in accrued capital gains incentive fee	27
Increase (decrease) in administrative services expense payable	157
Increase (decrease) in distribution/servicing fees payable	64
Increase (decrease) in accrued accounting and administrative fees	10
Increase (decrease) in other accrued expenses and liabilities	98
Net cash provided by (used in) operating activities	(82,804)
Cash flows from financing activities
Issuance of capital	153,458
Issuance of preferred shares	1,439
Distributions to preferred shareholders	(47)
Net cash provided by (used in) financing activities	154,850
Total increase (decrease) in cash	72,046
Cash and foreign currency at beginning of period	1
Cash and foreign currency at end of period	$ 72,047

Unaudited Schedule of Investmen

Unaudited Schedule of Investments £ in Thousands, $ in Thousands	Jun. 30, 2024 USD ($)		Jun. 30, 2024 GBP (£)
Amortized Cost	$ 119,830
Fair Value	120,049	[1]
OTHER ASSETS IN EXCESS OF LIABILITIES AND PREFERRED SHARES—22.3%	34,500	[1]
NET ASSETS	154,549	[1]
Net Senior Secured Loans—First Lien
Amortized Cost	111,811
Fair Value	111,771	[1]
Total Senior Secured Loans—First Lien
Amortized Cost	127,462
Fair Value	127,422	[1]
Unfunded Loan Commitments
Amortized Cost	(15,651)
Fair Value	(15,651)	[1]
Asset Based Finance
Amortized Cost	8,019
Fair Value	$ 8,278	[1]
Investment, Identifier [Axis]: Advanced Dermatology & Cosmetic Surgery, Health Care Equipment & Services
Basis spread on variable rate	6.25%	[2],[3]	6.25%	[2],[3]
Floor	1%	[2],[3]	1%	[2],[3]
Principal Amount	$ 4,145	[3],[4]
Amortized Cost	4,145	[3]
Fair Value	$ 4,133	[1],[3]
Investment, Identifier [Axis]: Affordable Care Inc, Health Care Equipment & Services
Basis spread on variable rate	5.50%	[2],[3]	5.50%	[2],[3]
Floor	0.80%	[2],[3]	0.80%	[2],[3]
Principal Amount	$ 8,291	[3],[4]
Amortized Cost	8,308	[3]
Fair Value	$ 8,291	[1],[3]
Investment, Identifier [Axis]: Alera Group Intermediate Holdings Inc,, Insurance
Basis spread on variable rate	5.25%	[2],[3]	5.25%	[2],[3]
Floor	0.80%	[2],[3]	0.80%	[2],[3]
Principal Amount	$ 8,291	[3],[4]
Amortized Cost	8,307	[3]
Fair Value	$ 8,335	[1],[3]
Investment, Identifier [Axis]: Amerivet Partners Management Inc, Health Care Equipment & Services
Basis spread on variable rate	5.25%	[2]	5.25%	[2]
Floor	0.80%	[2]	0.80%	[2]
Principal Amount	$ 6,633	[4]
Amortized Cost	6,633
Fair Value	$ 6,633	[1]
Investment, Identifier [Axis]: Ardonagh Group Ltd/The, Insurance 1
Basis spread on variable rate	4.75%	[2],[5]	4.75%	[2],[5]
Floor	0.50%	[2],[5]	0.50%	[2],[5]
Principal Amount	$ 1,063	[4],[5]
Amortized Cost	1,048	[5]
Fair Value	$ 1,052	[1],[5]
Investment, Identifier [Axis]: Ardonagh Group Ltd/The, Insurance 2
Basis spread on variable rate	4.75%	[2],[5],[6]	4.75%	[2],[5],[6]
Floor	0.50%	[2],[5],[6]	0.50%	[2],[5],[6]
Principal Amount	$ 98	[4],[5],[6]
Amortized Cost	97	[5],[6]
Fair Value	$ 97	[1],[5],[6]
Investment, Identifier [Axis]: Auxilior Capital Partners Inc, Preferred Equity, Financial Services
Basis spread on variable rate	5%	[2]	5%	[2]
Principal Amount	$ 0	[4]
Amortized Cost	800
Fair Value	$ 800	[1]
Investment, Identifier [Axis]: CSafe Global, Transportation 1
Basis spread on variable rate	5.75%	[2],[3]	5.75%	[2],[3]
Floor	0.80%	[2],[3]	0.80%	[2],[3]
Principal Amount | £			£ 969	[3],[4]
Amortized Cost	$ 1,225	[3]
Fair Value	$ 1,235	[1],[3]
Investment, Identifier [Axis]: CSafe Global, Transportation 2
Basis spread on variable rate	5.75%	[2],[3]	5.75%	[2],[3]
Floor	0.80%	[2],[3]	0.80%	[2],[3]
Principal Amount	$ 6,948	[3],[4]
Amortized Cost	6,950	[3]
Fair Value	$ 7,004	[1],[3]
Investment, Identifier [Axis]: CSafe Global, Transportation 3
Basis spread on variable rate	5.75%	[2],[3]	5.75%	[2],[3]
Floor	0.80%	[2],[3]	0.80%	[2],[3]
Principal Amount	$ 230	[3],[4]
Amortized Cost	231	[3]
Fair Value	$ 230	[1],[3]
Investment, Identifier [Axis]: CSafe Global, Transportation 4
Basis spread on variable rate	5.75%	[2],[3],[6]	5.75%	[2],[3],[6]
Floor	0.80%	[2],[3],[6]	0.80%	[2],[3],[6]
Principal Amount	$ 294	[3],[4],[6]
Amortized Cost	292	[3],[6]
Fair Value	$ 296	[1],[3],[6]
Investment, Identifier [Axis]: CSafe Global, Transportation 5
Basis spread on variable rate	5.75%	[2],[3],[6]	5.75%	[2],[3],[6]
Floor	0.80%	[2],[3],[6]	0.80%	[2],[3],[6]
Principal Amount	$ 489	[3],[4],[6]
Amortized Cost	489	[3],[6]
Fair Value	$ 489	[1],[3],[6]
Investment, Identifier [Axis]: Cadence Education LLC, Consumer Services 1
Basis spread on variable rate	5%	[2]	5%	[2]
Floor	0.80%	[2]	0.80%	[2]
Principal Amount	$ 2,301	[4]
Amortized Cost	2,290
Fair Value	$ 2,290	[1]
Investment, Identifier [Axis]: Cadence Education LLC, Consumer Services 2
Basis spread on variable rate	5%	[2],[6]	5%	[2],[6]
Floor	0.80%	[2],[6]	0.80%	[2],[6]
Principal Amount	$ 353	[4],[6]
Amortized Cost	353	[6]
Fair Value	$ 352	[1],[6]
Investment, Identifier [Axis]: Cadence Education LLC, Consumer Services 3
Basis spread on variable rate	5%	[2],[6]	5%	[2],[6]
Floor	0.80%	[2],[6]	0.80%	[2],[6]
Principal Amount	$ 600	[4],[6]
Amortized Cost	600	[6]
Fair Value	$ 597	[1],[6]
Investment, Identifier [Axis]: Community Brands Inc, Software & Services
Basis spread on variable rate	5.50%	[2]	5.50%	[2]
Floor	0.80%	[2]	0.80%	[2]
Principal Amount	$ 4,145	[4]
Amortized Cost	4,139
Fair Value	$ 4,145	[1]
Investment, Identifier [Axis]: Dental365 LLC, Health Care Equipment & Services 1
Basis spread on variable rate	5.25%	[2]	5.25%	[2]
Floor	0.80%	[2]	0.80%	[2]
Principal Amount	$ 3,205	[4]
Amortized Cost	3,205
Fair Value	$ 3,189	[1]
Investment, Identifier [Axis]: Dental365 LLC, Health Care Equipment & Services 2
Basis spread on variable rate	5.75%	[2],[6]	5.75%	[2],[6]
Floor	0.80%	[2],[6]	0.80%	[2],[6]
Principal Amount	$ 752	[4],[6]
Amortized Cost	752	[6]
Fair Value	$ 749	[1],[6]
Investment, Identifier [Axis]: Dental365 LLC, Health Care Equipment & Services 3
Basis spread on variable rate	5.75%	[2],[6]	5.75%	[2],[6]
Floor	0.80%	[2],[6]	0.80%	[2],[6]
Principal Amount	$ 2,034	[4],[6]
Amortized Cost	2,034	[6]
Fair Value	$ 2,024	[1],[6]
Investment, Identifier [Axis]: DuBois Chemicals Inc, Materials 1
Basis spread on variable rate	4.75%	[2]	4.75%	[2]
Floor	0.80%	[2]	0.80%	[2]
Principal Amount	$ 4,496	[4]
Amortized Cost	4,474
Fair Value	$ 4,474	[1]
Investment, Identifier [Axis]: DuBois Chemicals Inc, Materials 2
Basis spread on variable rate	5%	[2],[6]	5%	[2],[6]
Floor	0.80%	[2],[6]	0.80%	[2],[6]
Principal Amount	$ 752	[4],[6]
Amortized Cost	752	[6]
Fair Value	$ 748	[1],[6]
Investment, Identifier [Axis]: DuBois Chemicals Inc, Materials 3
Basis spread on variable rate	5%	[2],[6]	5%	[2],[6]
Floor	0.80%	[2],[6]	0.80%	[2],[6]
Principal Amount	$ 752	[4],[6]
Amortized Cost	752	[6]
Fair Value	$ 752	[1],[6]
Investment, Identifier [Axis]: Excelitas Technologies Corp, Technology Hardware & Equipment
Basis spread on variable rate	5.25%	[2],[3]	5.25%	[2],[3]
Floor	0.80%	[2],[3]	0.80%	[2],[3]
Principal Amount	$ 5,473	[3],[4]
Amortized Cost	5,533	[3]
Fair Value	$ 5,476	[1],[3]
Investment, Identifier [Axis]: Galway Partners Holdings LLC, Insurance 1
Basis spread on variable rate	5.25%	[2],[3]	5.25%	[2],[3]
Floor	0.80%	[2],[3]	0.80%	[2],[3]
Principal Amount	$ 86	[3],[4]
Amortized Cost	87	[3]
Fair Value	$ 86	[1],[3]
Investment, Identifier [Axis]: Galway Partners Holdings LLC, Insurance 2
Basis spread on variable rate	5.25%	[2],[3]	5.25%	[2],[3]
Floor	0.80%	[2],[3]	0.80%	[2],[3]
Principal Amount	$ 6,190	[3],[4]
Amortized Cost	6,197	[3]
Fair Value	$ 6,190	[1],[3]
Investment, Identifier [Axis]: Galway Partners Holdings LLC, Insurance 3
Basis spread on variable rate	5.25%	[2],[3],[6]	5.25%	[2],[3],[6]
Floor	0.80%	[2],[3],[6]	0.80%	[2],[3],[6]
Principal Amount	$ 542	[3],[4],[6]
Amortized Cost	542	[3],[6]
Fair Value	$ 542	[1],[3],[6]
Investment, Identifier [Axis]: Gigamon Inc, Software & Services
Basis spread on variable rate	5.75%	[2]	5.75%	[2]
Floor	1%	[2]	1%	[2]
Principal Amount	$ 4,145	[4]
Amortized Cost	4,145
Fair Value	$ 4,145	[1]
Investment, Identifier [Axis]: Insightsoftware.Com Inc, Software & Services 1
Basis spread on variable rate	5.25%	[2]	5.25%	[2]
Floor	1%	[2]	1%	[2]
Principal Amount	$ 30	[4]
Amortized Cost	30
Fair Value	$ 30	[1]
Investment, Identifier [Axis]: Insightsoftware.Com Inc, Software & Services 2
Basis spread on variable rate	5.25%	[2]	5.25%	[2]
Floor	1%	[2]	1%	[2]
Principal Amount	$ 100	[4]
Amortized Cost	100
Fair Value	$ 101	[1]
Investment, Identifier [Axis]: Insightsoftware.Com Inc, Software & Services 3
Basis spread on variable rate	5.25%	[2]	5.25%	[2]
Floor	0.80%	[2]	0.80%	[2]
Principal Amount	$ 47	[4]
Amortized Cost	47
Fair Value	$ 47	[1]
Investment, Identifier [Axis]: Insightsoftware.Com Inc, Software & Services 4
Basis spread on variable rate	5.25%	[2],[6]	5.25%	[2],[6]
Floor	1%	[2],[6]	1%	[2],[6]
Principal Amount	$ 193	[4],[6]
Amortized Cost	193	[6]
Fair Value	$ 193	[1],[6]
Investment, Identifier [Axis]: Insightsoftware.Com Inc, Software & Services 5
Basis spread on variable rate	5.25%	[2],[6]	5.25%	[2],[6]
Floor	0.80%	[2],[6]	0.80%	[2],[6]
Principal Amount	$ 841	[4],[6]
Amortized Cost	841	[6]
Fair Value	$ 844	[1],[6]
Investment, Identifier [Axis]: Integrity Marketing Group LLC, Insurance 1
Basis spread on variable rate	6.05%	[2],[3]	6.05%	[2],[3]
Floor	0.80%	[2],[3]	0.80%	[2],[3]
Principal Amount	$ 1,025	[3],[4]
Amortized Cost	1,031	[3]
Fair Value	$ 1,025	[1],[3]
Investment, Identifier [Axis]: Integrity Marketing Group LLC, Insurance 2
Basis spread on variable rate	6.05%	[2],[3]	6.05%	[2],[3]
Floor	1%	[2],[3]	1%	[2],[3]
Principal Amount	$ 4,465	[3],[4]
Amortized Cost	4,492	[3]
Fair Value	$ 4,465	[1],[3]
Investment, Identifier [Axis]: Integrity Marketing Group LLC, Insurance 3
Basis spread on variable rate	6.02%	[2],[3]	6.02%	[2],[3]
Floor	0.80%	[2],[3]	0.80%	[2],[3]
Principal Amount	$ 780	[3],[4]
Amortized Cost	784	[3]
Fair Value	$ 780	[1],[3]
Investment, Identifier [Axis]: Karman Space Inc, Capital Goods
Basis spread on variable rate	6.25%	[2]	6.25%	[2]
Floor	2%	[2]	2%	[2]
Principal Amount	$ 4,278	[4]
Amortized Cost	4,213
Fair Value	$ 4,299	[1]
Investment, Identifier [Axis]: Model N Inc, Software & Services 1
Basis spread on variable rate	5%	[2]	5%	[2]
Floor	0.80%	[2]	0.80%	[2]
Principal Amount	$ 4,570	[4]
Amortized Cost	4,547
Fair Value	$ 4,547	[1]
Investment, Identifier [Axis]: Model N Inc, Software & Services 2
Basis spread on variable rate	5%	[2],[6]	5%	[2],[6]
Floor	0.80%	[2],[6]	0.80%	[2],[6]
Principal Amount	$ 497	[4],[6]
Amortized Cost	497	[6]
Fair Value	$ 497	[1],[6]
Investment, Identifier [Axis]: Model N Inc, Software & Services 3
Basis spread on variable rate	5%	[2],[6]	5%	[2],[6]
Floor	0.80%	[2],[6]	0.80%	[2],[6]
Principal Amount	$ 933	[4],[6]
Amortized Cost	933	[6]
Fair Value	$ 928	[1],[6]
Investment, Identifier [Axis]: OEConnection LLC, Software & Services 1
Basis spread on variable rate	5.25%	[2],[3],[6]	5.25%	[2],[3],[6]
Floor	0.80%	[2],[3]	0.80%	[2],[3]
Principal Amount	$ 3,690	[3],[4]
Amortized Cost	3,671	[3]
Fair Value	$ 3,692	[1],[3]
Investment, Identifier [Axis]: OEConnection LLC, Software & Services 2
Basis spread on variable rate	5.25%	[2],[3],[6]	5.25%	[2],[3],[6]
Floor	0.80%	[2],[3],[6]	0.80%	[2],[3],[6]
Principal Amount	$ 400	[3],[4],[6]
Amortized Cost	400	[3],[6]
Fair Value	$ 400	[1],[3],[6]
Investment, Identifier [Axis]: OEConnection LLC, Software & Services 3
Basis spread on variable rate	5.25%		5.25%
Floor	0.80%	[2],[3],[6]	0.80%	[2],[3],[6]
Principal Amount	$ 641	[3],[4],[6]
Amortized Cost	640	[3],[6]
Fair Value	$ 641	[1],[3],[6]
Investment, Identifier [Axis]: PSC Group, Transportation 1
Basis spread on variable rate	5.25%	[2]	5.25%	[2]
Floor	0.80%	[2]	0.80%	[2]
Principal Amount	$ 13	[4]
Amortized Cost	13
Fair Value	$ 13	[1]
Investment, Identifier [Axis]: PSC Group, Transportation 2
Basis spread on variable rate	5.25%	[2]	5.25%	[2]
Floor	0.80%	[2]	0.80%	[2]
Principal Amount	$ 570	[4]
Amortized Cost	565
Fair Value	$ 572	[1]
Investment, Identifier [Axis]: PSC Group, Transportation 3
Basis spread on variable rate	5.25%	[2],[6]	5.25%	[2],[6]
Floor	0.80%	[2],[6]	0.80%	[2],[6]
Principal Amount	$ 89	[4],[6]
Amortized Cost	89	[6]
Fair Value	$ 89	[1],[6]
Investment, Identifier [Axis]: PSC Group, Transportation 4
Basis spread on variable rate	5.25%	[2],[6]	5.25%	[2],[6]
Floor	0.80%	[2],[6]	0.80%	[2],[6]
Principal Amount	$ 231	[4],[6]
Amortized Cost	231	[6]
Fair Value	$ 231	[1],[6]
Investment, Identifier [Axis]: Pretium Partners LLC P1, Structured Mezzanine, Equity Real Estate Investment Trusts (REITs)
Basis spread on variable rate	2.80%	[2],[5]	2.80%	[2],[5]
Principal Amount	$ 6,045	[4],[5]
Amortized Cost	5,773	[5]
Fair Value	$ 6,032	[1],[5]
Investment, Identifier [Axis]: Progress Residential 2024-SFR4 Trust, Structured Mezzanine, Real Estate Management & Development
Basis spread on variable rate	3.40%		3.40%
Principal Amount	$ 1,875	[4],[5],[7]
Amortized Cost	1,446	[5],[7]
Fair Value	$ 1,446	[1],[5],[7]
Investment, Identifier [Axis]: RSC Insurance Brokerage Inc, Insurance 1
Basis spread on variable rate	5.50%	[2]	5.50%	[2]
Floor	0.80%	[2]	0.80%	[2]
Principal Amount	$ 2,175	[4]
Amortized Cost	2,185
Fair Value	$ 2,175	[1]
Investment, Identifier [Axis]: RSC Insurance Brokerage Inc, Insurance 2
Basis spread on variable rate	5.50%	[2]	5.50%	[2]
Floor	0.80%	[2]	0.80%	[2]
Principal Amount	$ 1,981	[4]
Amortized Cost	1,991
Fair Value	$ 1,981	[1]
Investment, Identifier [Axis]: Rockefeller Capital Management LP, Financial Services
Basis spread on variable rate	5%	[2],[5]	5%	[2],[5]
Floor	0.50%	[2],[5]	0.50%	[2],[5]
Principal Amount	$ 1,362	[4],[5]
Amortized Cost	1,349	[5]
Fair Value	$ 1,362	[1],[5]
Investment, Identifier [Axis]: STV Group Inc, Capital Goods 1
Basis spread on variable rate	5%	[2],[3]	5%	[2],[3]
Floor	0.80%	[2],[3]	0.80%	[2],[3]
Principal Amount	$ 25	[3],[4]
Amortized Cost	23	[3]
Fair Value	$ 25	[1],[3]
Investment, Identifier [Axis]: STV Group Inc, Capital Goods 2
Basis spread on variable rate	5%	[2],[3]	5%	[2],[3]
Floor	0.80%	[2],[3]	0.80%	[2],[3]
Principal Amount	$ 1,724	[3],[4]
Amortized Cost	1,704	[3]
Fair Value	$ 1,717	[1],[3]
Investment, Identifier [Axis]: STV Group Inc, Capital Goods 3
Basis spread on variable rate	5%	[2],[3],[6]	5%	[2],[3],[6]
Floor	0.80%	[2],[3],[6]	0.80%	[2],[3],[6]
Principal Amount	$ 321	[3],[4],[6]
Amortized Cost	321	[3],[6]
Fair Value	$ 320	[1],[3],[6]
Investment, Identifier [Axis]: STV Group Inc, Capital Goods 4
Basis spread on variable rate	5%	[2],[3],[6]	5%	[2],[3],[6]
Floor	0.80%	[2],[3],[6]	0.80%	[2],[3],[6]
Principal Amount	$ 494	[3],[4],[6]
Amortized Cost	492	[3],[6]
Fair Value	$ 492	[1],[3],[6]
Investment, Identifier [Axis]: Turnpoint Services Inc, Capital Goods 1
Basis spread on variable rate	5%	[2]	5%	[2]
Floor	0.80%	[2]	0.80%	[2]
Principal Amount	$ 4,550	[4]
Amortized Cost	4,505
Fair Value	$ 4,505	[1]
Investment, Identifier [Axis]: Turnpoint Services Inc, Capital Goods 2
Basis spread on variable rate	5%	[2],[6]	5%	[2],[6]
Floor	0.80%	[2],[6]	0.80%	[2],[6]
Principal Amount	$ 558	[4],[6]
Amortized Cost	558	[6]
Fair Value	$ 558	[1],[6]
Investment, Identifier [Axis]: Turnpoint Services Inc, Capital Goods 3
Basis spread on variable rate	5%	[2],[6]	5%	[2],[6]
Floor	0.80%	[2],[6]	0.80%	[2],[6]
Principal Amount	$ 892	[4],[6]
Amortized Cost	892	[6]
Fair Value	$ 883	[1],[6]
Investment, Identifier [Axis]: VetCor Professional Practices LLC, Health Care Equipment & Services
Basis spread on variable rate	5.75%	[2]	5.75%	[2]
Floor	0.80%	[2]	0.80%	[2]
Principal Amount	$ 2,811	[4]
Amortized Cost	2,811
Fair Value	$ 2,811	[1]
Investment, Identifier [Axis]: Wealth Enhancement Group LLC, Financial Services 1
Basis spread on variable rate	5.50%	[2],[5]	5.50%	[2],[5]
Floor	1%	[2],[5]	1%	[2],[5]
Principal Amount	$ 4,690	[4],[5]
Amortized Cost	4,690	[5]
Fair Value	$ 4,690	[1],[5]
Investment, Identifier [Axis]: Wealth Enhancement Group LLC, Financial Services 2
Basis spread on variable rate	5.50%	[2],[5],[6]	5.50%	[2],[5],[6]
Floor	1%	[2],[5],[6]	1%	[2],[5],[6]
Principal Amount	$ 298	[4],[5],[6]
Amortized Cost	298	[5],[6]
Fair Value	$ 298	[1],[5],[6]
Investment, Identifier [Axis]: Woolpert Inc, Capital Goods 1
Basis spread on variable rate	5%	[2],[3]	5%	[2],[3]
Floor	1%	[2],[3]	1%	[2],[3]
Principal Amount	$ 186	[3],[4]
Amortized Cost	188	[3]
Fair Value	$ 184	[1],[3]
Investment, Identifier [Axis]: Woolpert Inc, Capital Goods 2
Basis spread on variable rate	5%	[2],[3]	5%	[2],[3]
Floor	1%	[2],[3]	1%	[2],[3]
Principal Amount	$ 5,960	[3],[4]
Amortized Cost	5,976	[3]
Fair Value	$ 5,901	[1],[3]
Investment, Identifier [Axis]: Woolpert Inc, Capital Goods 3
Basis spread on variable rate	5%	[2],[3],[6]	5%	[2],[3],[6]
Floor	1%	[2],[3],[6]	1%	[2],[3],[6]
Principal Amount	$ 742	[3],[4],[6]
Amortized Cost	742	[3],[6]
Fair Value	$ 735	[1],[3],[6]
Investment, Identifier [Axis]: Woolpert Inc, Capital Goods 4
Basis spread on variable rate	5%	[2],[3],[6]	5%	[2],[3],[6]
Floor	1%	[2],[3],[6]	1%	[2],[3],[6]
Principal Amount	$ 1,855	[3],[4],[6]
Amortized Cost	1,840	[3],[6]
Fair Value	$ 1,837	[1],[3],[6]
[1]See Note 7 for additional information regarding the fair value of the Company’s financial instruments[2] Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of June 30, 2024, the Secured Overnight Financing Rate, or SOFR or “SF”, was 5.33% and the Sterling Interbank Financing Rate, or SONIA or “SA”, was 5.13%. Position or portion thereof unsettled as of June 30, 2024. Denominated in U.S. dollars unless otherwise noted. The investment, or portion of the investment is not a qualifying asset under the Investment Company Act of 1940, as amended, or the 1940 Act. A business development company, or BDC, may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets. As of June 30, 2024, 92.5% of the Company’s total assets represented qualifying assets. Security is an unfunded commitment. Reflects the stated spread at the time of commitment, but may not be the actual rate received upon funding. Security is classified as Level 1 or Level 2 in the Company’s fair value hierarchy (see Note 7).

Unaudited Schedule of Investm_2

Unaudited Schedule of Investments (Parenthetical)	6 Months Ended
	Jun. 30, 2024
Percent of net assets	77.70%	[1],[2]
Other assets in excess of liabilities percentage	22.30%	[1],[2]
Variable rate	5.13%
Assets, Total | Qualifying Assets Concentration Risk | Total
Percentage of Portfolio	92.50%
SOFR
Variable rate	5.33%
Investment, Identifier [Axis]: Advanced Dermatology & Cosmetic Surgery, Health Care Equipment & Services
Basis spread on variable rate	6.25%	[3],[4]
Investment, Identifier [Axis]: Affordable Care Inc, Health Care Equipment & Services
Basis spread on variable rate	5.50%	[3],[4]
Investment, Identifier [Axis]: Alera Group Intermediate Holdings Inc,, Insurance
Basis spread on variable rate	5.25%	[3],[4]
Investment, Identifier [Axis]: Amerivet Partners Management Inc, Health Care Equipment & Services
Basis spread on variable rate	5.25%	[3]
Investment, Identifier [Axis]: Ardonagh Group Ltd/The, Insurance 1
Basis spread on variable rate	4.75%	[3],[5]
Investment, Identifier [Axis]: Ardonagh Group Ltd/The, Insurance 2
Basis spread on variable rate	4.75%	[3],[5],[6]
Investment, Identifier [Axis]: Auxilior Capital Partners Inc, Preferred Equity, Financial Services
Rate, PIK	9.50%	[3]
Basis spread on variable rate	5%	[3]
Investment, Identifier [Axis]: CSafe Global, Transportation 1
Basis spread on variable rate	5.75%	[3],[4]
Investment, Identifier [Axis]: CSafe Global, Transportation 2
Basis spread on variable rate	5.75%	[3],[4]
Investment, Identifier [Axis]: CSafe Global, Transportation 3
Basis spread on variable rate	5.75%	[3],[4]
Investment, Identifier [Axis]: CSafe Global, Transportation 4
Basis spread on variable rate	5.75%	[3],[4],[6]
Investment, Identifier [Axis]: CSafe Global, Transportation 5
Basis spread on variable rate	5.75%	[3],[4],[6]
Investment, Identifier [Axis]: Cadence Education LLC, Consumer Services 1
Basis spread on variable rate	5%	[3]
Investment, Identifier [Axis]: Cadence Education LLC, Consumer Services 2
Basis spread on variable rate	5%	[3],[6]
Investment, Identifier [Axis]: Cadence Education LLC, Consumer Services 3
Basis spread on variable rate	5%	[3],[6]
Investment, Identifier [Axis]: Community Brands Inc, Software & Services
Basis spread on variable rate	5.50%	[3]
Investment, Identifier [Axis]: Dental365 LLC, Health Care Equipment & Services 1
Basis spread on variable rate	5.25%	[3]
Investment, Identifier [Axis]: Dental365 LLC, Health Care Equipment & Services 2
Basis spread on variable rate	5.75%	[3],[6]
Investment, Identifier [Axis]: Dental365 LLC, Health Care Equipment & Services 3
Basis spread on variable rate	5.75%	[3],[6]
Investment, Identifier [Axis]: DuBois Chemicals Inc, Materials 1
Basis spread on variable rate	4.75%	[3]
Investment, Identifier [Axis]: DuBois Chemicals Inc, Materials 2
Basis spread on variable rate	5%	[3],[6]
Investment, Identifier [Axis]: DuBois Chemicals Inc, Materials 3
Basis spread on variable rate	5%	[3],[6]
Investment, Identifier [Axis]: Excelitas Technologies Corp, Technology Hardware & Equipment
Basis spread on variable rate	5.25%	[3],[4]
Investment, Identifier [Axis]: Galway Partners Holdings LLC, Insurance 1
Basis spread on variable rate	5.25%	[3],[4]
Investment, Identifier [Axis]: Galway Partners Holdings LLC, Insurance 2
Basis spread on variable rate	5.25%	[3],[4]
Investment, Identifier [Axis]: Galway Partners Holdings LLC, Insurance 3
Basis spread on variable rate	5.25%	[3],[4],[6]
Investment, Identifier [Axis]: Gigamon Inc, Software & Services
Basis spread on variable rate	5.75%	[3]
Investment, Identifier [Axis]: Insightsoftware.Com Inc, Software & Services 1
Basis spread on variable rate	5.25%	[3]
Investment, Identifier [Axis]: Insightsoftware.Com Inc, Software & Services 2
Basis spread on variable rate	5.25%	[3]
Investment, Identifier [Axis]: Insightsoftware.Com Inc, Software & Services 3
Basis spread on variable rate	5.25%	[3]
Investment, Identifier [Axis]: Insightsoftware.Com Inc, Software & Services 4
Basis spread on variable rate	5.25%	[3],[6]
Investment, Identifier [Axis]: Insightsoftware.Com Inc, Software & Services 5
Basis spread on variable rate	5.25%	[3],[6]
Investment, Identifier [Axis]: Integrity Marketing Group LLC, Insurance 1
Basis spread on variable rate	6.05%	[3],[4]
Investment, Identifier [Axis]: Integrity Marketing Group LLC, Insurance 2
Basis spread on variable rate	6.05%	[3],[4]
Investment, Identifier [Axis]: Integrity Marketing Group LLC, Insurance 3
Basis spread on variable rate	6.02%	[3],[4]
Investment, Identifier [Axis]: Karman Space Inc, Capital Goods
Basis spread on variable rate	6.25%	[3]
Investment, Identifier [Axis]: Model N Inc, Software & Services 1
Rate, PIK	0%	[3]
Basis spread on variable rate	5%	[3]
Investment, Identifier [Axis]: Model N Inc, Software & Services 2
Basis spread on variable rate	5%	[3],[6]
Investment, Identifier [Axis]: Model N Inc, Software & Services 3
Rate, PIK	0%	[3],[6]
Basis spread on variable rate	5%	[3],[6]
Investment, Identifier [Axis]: OEConnection LLC, Software & Services 1
Basis spread on variable rate	5.25%	[3],[4],[6]
Investment, Identifier [Axis]: OEConnection LLC, Software & Services 2
Basis spread on variable rate	5.25%	[3],[4],[6]
Investment, Identifier [Axis]: OEConnection LLC, Software & Services 3
Basis spread on variable rate	5.25%
Investment, Identifier [Axis]: PSC Group, Transportation 1
Basis spread on variable rate	5.25%	[3]
Investment, Identifier [Axis]: PSC Group, Transportation 2
Basis spread on variable rate	5.25%	[3]
Investment, Identifier [Axis]: PSC Group, Transportation 3
Basis spread on variable rate	5.25%	[3],[6]
Investment, Identifier [Axis]: PSC Group, Transportation 4
Basis spread on variable rate	5.25%	[3],[6]
Investment, Identifier [Axis]: Pretium Partners LLC P1, Structured Mezzanine, Equity Real Estate Investment Trusts (REITs)
Rate, PIK	5.30%	[3],[5]
Basis spread on variable rate	2.80%	[3],[5]
Investment, Identifier [Axis]: Progress Residential 2024-SFR4 Trust, Structured Mezzanine, Real Estate Management & Development
Basis spread on variable rate	3.40%
Investment, Identifier [Axis]: RSC Insurance Brokerage Inc, Insurance 1
Basis spread on variable rate	5.50%	[3]
Investment, Identifier [Axis]: RSC Insurance Brokerage Inc, Insurance 2
Basis spread on variable rate	5.50%	[3]
Investment, Identifier [Axis]: Rockefeller Capital Management LP, Financial Services
Basis spread on variable rate	5%	[3],[5]
Investment, Identifier [Axis]: STV Group Inc, Capital Goods 1
Basis spread on variable rate	5%	[3],[4]
Investment, Identifier [Axis]: STV Group Inc, Capital Goods 2
Basis spread on variable rate	5%	[3],[4]
Investment, Identifier [Axis]: STV Group Inc, Capital Goods 3
Basis spread on variable rate	5%	[3],[4],[6]
Investment, Identifier [Axis]: STV Group Inc, Capital Goods 4
Basis spread on variable rate	5%	[3],[4],[6]
Investment, Identifier [Axis]: Turnpoint Services Inc, Capital Goods 1
Rate, PIK	0%	[3]
Basis spread on variable rate	5%	[3]
Investment, Identifier [Axis]: Turnpoint Services Inc, Capital Goods 2
Rate, PIK	0%	[3],[6]
Basis spread on variable rate	5%	[3],[6]
Investment, Identifier [Axis]: Turnpoint Services Inc, Capital Goods 3
Rate, PIK	0%	[3],[6]
Basis spread on variable rate	5%	[3],[6]
Investment, Identifier [Axis]: VetCor Professional Practices LLC, Health Care Equipment & Services
Basis spread on variable rate	5.75%	[3]
Investment, Identifier [Axis]: Wealth Enhancement Group LLC, Financial Services 1
Basis spread on variable rate	5.50%	[3],[5]
Investment, Identifier [Axis]: Wealth Enhancement Group LLC, Financial Services 2
Basis spread on variable rate	5.50%	[3],[5],[6]
Investment, Identifier [Axis]: Woolpert Inc, Capital Goods 1
Basis spread on variable rate	5%	[3],[4]
Investment, Identifier [Axis]: Woolpert Inc, Capital Goods 2
Basis spread on variable rate	5%	[3],[4]
Investment, Identifier [Axis]: Woolpert Inc, Capital Goods 3
Basis spread on variable rate	5%	[3],[4],[6]
Investment, Identifier [Axis]: Woolpert Inc, Capital Goods 4
Basis spread on variable rate	5%	[3],[4],[6]
Maximum | Investment, Identifier [Axis]: Auxilior Capital Partners Inc, Preferred Equity, Financial Services
Rate, PIK	9.50%	[3]
Maximum | Investment, Identifier [Axis]: Model N Inc, Software & Services 1
Rate, PIK	3%	[3]
Maximum | Investment, Identifier [Axis]: Model N Inc, Software & Services 3
Rate, PIK	3%	[3],[6]
Maximum | Investment, Identifier [Axis]: Pretium Partners LLC P1, Structured Mezzanine, Equity Real Estate Investment Trusts (REITs)
Rate, PIK	5.30%	[3],[5]
Maximum | Investment, Identifier [Axis]: Turnpoint Services Inc, Capital Goods 1
Rate, PIK	3%	[3]
Maximum | Investment, Identifier [Axis]: Turnpoint Services Inc, Capital Goods 2
Rate, PIK	3%	[3],[6]
Maximum | Investment, Identifier [Axis]: Turnpoint Services Inc, Capital Goods 3
Rate, PIK	3%	[3],[6]
Net Senior Secured Loans—First Lien
Percent of net assets	72.30%
Asset Based Finance
Percent of net assets	5.40%
Qualifying assets as a percent of total assets	100%
[1] Security is classified as Level 1 or Level 2 in the Company’s fair value hierarchy (see Note 7). Security may be an obligation of one or more entities affiliated with the named company. Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of June 30, 2024, the Secured Overnight Financing Rate, or SOFR or “SF”, was 5.33% and the Sterling Interbank Financing Rate, or SONIA or “SA”, was 5.13%. Position or portion thereof unsettled as of June 30, 2024. The investment, or portion of the investment is not a qualifying asset under the Investment Company Act of 1940, as amended, or the 1940 Act. A business development company, or BDC, may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets. As of June 30, 2024, 92.5% of the Company’s total assets represented qualifying assets. Security is an unfunded commitment. Reflects the stated spread at the time of commitment, but may not be the actual rate received upon funding.

Principal Business and Organiza

Principal Business and Organization	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principal Business and Organization	Principal Business and Organization KKR FS Income Trust Select, or the Company, is a specialty finance company, organized on April 19, 2023 as a Delaware statutory trust, that seeks to invest primarily in the debt securities of private middle market U.S. companies. The Company is externally managed by FS/KKR Advisor, LLC, or the Adviser, pursuant to an amended and restated investment advisory agreement, or the Advisory Agreement. The Adviser also performs, or oversees the performance of, the Company’s corporate operations and required administrative services pursuant to the terms of an administration agreement, or the Administration Agreement . The Company’s investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. The Company is an externally managed, non-diversified, closed-end management investment company that, on February 20, 2024, elected to be regulated as a BDC under the 1940 Act. The Company intends to elect to be treated for U.S. federal income tax purposes, and intends to qualify annually thereafter, as a regulated investment company, or a RIC, under the Internal Revenue Code of 1986, as amended, or the Code.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation : The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, for interim financial information and with the instructions for Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For a more complete discussion of significant accounting policies and certain other information, the Company’s interim unaudited financial statements should be read in conjunction with its audited financial statements as of and for the period from April 19, 2023 (date of formation) to December 31, 2023 included in Amendment No. 1 to the Company’s Registration Statement on Form 10, filed with the U.S. Securities and Exchange Commission, or the SEC, on March 1, 2024, or the Form 10. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The December 31, 2023 statement of assets and liabilities is derived from the Company’s audited financial statements as of and for the period ended December 31, 2023. The Company is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies under Financial Accounting Standards Board, or FASB, Accounting Standards Codification Topic 946, Financial Services—Investment Companies . Use of Estimates: The preparation of the unaudited financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents: The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. All cash balances are maintained with high credit quality financial institutions, which are members of the Federal Deposit Insurance Corporation. Organizational and Offering: Organizational and offering costs will only be borne by the Company upon the initial issuance of the Class S common shares of beneficial interest, or the Common Shares, or the Class S shares, to non-affiliated investors in the Company’s monthly closings for the Company’s continuous private offering of its Common Shares, or the Private Offering, in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended, or the Securities Act, including the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder, Regulation S under the Securities Act and other exemptions from the registration requirements of the Securities Act. At such time, costs associated with the organization of the Company will be expensed. These expenses consist primarily of legal fees, audit fees and other costs of organizing the Company. In no event will the Company bear in excess of $1.5 million in organizational expenses; the Adviser has agreed to be responsible for any organizational expenses in excess of $1.5 million. Costs associated with the offering of Common Shares will be capitalized as deferred offering expenses and included as prepaid and other assets on the Statement of Assets and Liabilities and eligible to be amortized over a twelve-month period. As of June 30, 2024 and December 31, 2023, the Adviser has paid $1,846 and $1,026, respectively, in organizational and offering expenses, and will be subject to reimbursement as described above. The Company has no obligation to reimburse the Adviser for organizational and offering costs until the initial issuance of the Company’s Common Shares to non-affiliated investors in the monthly closings for the Company’s Private Offering. Subordinated Income Incentive Fee: Pursuant to the terms of the Advisory Agreement, the Adviser may be entitled to receive a subordinated incentive fee on income. The subordinated incentive fee on income under the Advisory Agreement, which is calculated and payable quarterly in arrears commencing with the first full calendar quarter after the date of the Company’s election to be regulated as a BDC under the 1940 Act on February 20, 2024, or the BDC Election Date, equals 12.5% of the Company’s “pre-incentive fee net investment income” for the immediately preceding quarter (or portion thereof with respect to the quarter in which the BDC Election Date occurs) and is subject to a hurdle rate, expressed as a rate of return on the value of the Company’s net assets, equal to 1.25% per quarter, or an annualized hurdle rate of 5.0%. As a result, the Adviser will not earn this incentive fee for any quarter until the Company’s pre-incentive fee net investment income for such quarter exceeds the hurdle rate of 1.25%. Once the Company’s pre-incentive fee net investment income in any quarter exceeds the hurdle rate, the Adviser will be entitled to a “catch-up” fee equal to the amount of the pre-incentive fee net investment income in excess of the hurdle rate, until the Company’s pre-incentive fee net investment income for such quarter equals 1.43%, or 5.72% annually, of net assets. Thereafter, the Adviser will be entitled to receive 12.5% of pre-incentive fee net investment income. The Adviser has agreed to waive the Company’s base management fee and subordinated incentive fee on income through March 31, 2025. Capital Gains Incentive Fee: Pursuant to the terms of the Advisory Agreement, the incentive fee on capital gains is determined and payable in arrears as of the end of each calendar year (or upon termination of the Advisory Agreement) commencing with the end of the first calendar year in which the BDC Election Date occurs. This fee equals 12.5% of the Company’s incentive fee capital gains, which equals the Company’s realized capital gains on a cumulative basis from the BDC Election Date, calculated as of the end of the applicable period, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from the BDC Election Date, less the aggregate amount of any capital gain incentive fees previously paid by the Company. On a quarterly basis, the Company accrues for the capital gains incentive fee by calculating such fee as if it were due and payable as of the end of such period. The Company includes unrealized gains in the calculation of the capital gains incentive fee expense and related accrued capital gains incentive fee. This accrual reflects the incentive fees that would be payable to the Adviser if the Company’s entire portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized. Revenue Recognition : Security transactions are accounted for on the trade date. The Company records interest income on an accrual basis to the extent that it expects to collect such amounts. The Company records dividend income on the ex-dividend date. Distributions received from limited liability company, or LLC, and limited partnership, or LP, investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. The Company does not accrue as a receivable interest or dividends on loans and securities if it has reason to doubt its ability to collect such income. The Company’s policy is to place investments on non-accrual status when there is reasonable doubt that interest income will be collected. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. If there is reasonable doubt that the Company will receive any previously accrued interest, then the accrued interest will be written-off. Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the collectability of the remaining principal and interest. Non-accrual investments may be restored to accrual status when principal and interest become current and are likely to remain current based on the Company’s judgment. Loan origination fees, original issue discount and market discount are capitalized and the Company accretes such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income. Structuring and other non-recurring upfront fees are recorded as fee income when earned. For the six months ended June 30, 2024 , the Company recognized $114 in structuring fee revenue. The Company records prepayment premiums on loans and securities as fee income when it receives such amounts. Income Taxes: The Company intends to elect to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a RIC under Subchapter M of the Code. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements and distribute to its stockholders, for each taxable year, at least 90% of its “investment company taxable income,” which is generally the Company’s net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses. As a RIC, the Company will not have to pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes to its stockholders. The Company intends to make distributions in an amount sufficient to qualify for and maintain its RIC status each year and to not pay any federal income taxes on income so distributed. The Company will also be subject to nondeductible federal excise taxes if it does not distribute an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years.

Share Transactions

Share Transactions	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Share Transactions	Share Transactions Below is a summary of transactions with respect to shares of the Company’s Common Shares during the six months ended June 30, 2024: Six Months Ended June 30, 2024 Shares Amount Gross Proceeds from Offering 6,095,657 $ 153,458 Status of Continuous Private Offering The Company is conducting the continuous Private Offering in reliance on exemptions from the registration requirements of the Securities Act, including the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder, Regulation S under the Securities Act and other exemptions from the registration requirements of the Securities Act. In connection with the Private Offering, the Company has entered into, and expects to continue to enter into, subscription agreements with investors. An investor will make a capital contribution pursuant to such subscription agreement and will become a common shareholder in the Company bound by the terms of the subscription agreement and the Company’s organizational documents. As of June 30, 2024, the Company has issued 6,095,697 Class S shares in the Private Offering for gross proceeds of $153,459. Of the 6,095,697 Class S shares issued in the Private Offering, 2,393,528 shares were issued to investors with capital commitments to the Company in exchange for an aggregate of $60,000 in capital contributions. As of June 30, 2024, the Company had received capital commitments of $60,000 from investors in the Private Offering, all of which has been called for funding. The Company intends to continue selling Class S shares in the Private Offering on a monthly basis. During the six months ended June 30, 2024, the Company issued 6,095,657 Class S shares for gross proceeds of $153,458 at an average price per share of $25.17. During the period from July 1, 2024 to July 31, 2024, the Company issued 1,252,766 Class S shares for gross proceeds of $31,757 at an average price per share of $25.35. The gross proceeds received during the period from July 1, 2024 to July 31, 2024, include reinvested shareholder distributions of  $652 for which the Company issued 25,730 Class S shares under its distribution reinvestment plan. Discretionary Share Repurchase Program Beginning with the quarter ending September 30, 2024, the Company intends to commence a share repurchase program in which it intends, subject to market conditions and the discretion of the Company’s Board of Trustees, or the Board, to offer to repurchase, in each quarter, up to 5% of the Common Shares outstanding (either by number of shares or aggregate net asset value, or NAV) as of the close of the previous calendar quarter. The Board may amend or suspend the share repurchase program if in its reasonable judgment it deems such action to be in the Company’s best interest and the best interest of the Company’s shareholders. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect its operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, or the Exchange Act, and the 1940 Act. All shares purchased by the Company pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares. Under the Company’s discretionary share repurchase program, to the extent the Company offers to repurchase Common Shares in any particular quarter, the Company expects to repurchase shares pursuant to quarterly tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, or the Valuation Date. If shareholders tender Common Shares in a tender offer with a Valuation Date that is within the 12-month period following the initial issue date of their tendered Common Shares, the Company may repurchase such Common Shares subject to an “early repurchase deduction” of 2% of the aggregate NAV of the Common Shares repurchased, or an Early Repurchase Deduction. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining holders of Common Shares. Series A Preferred Shares On March 29, 2024, the Company issued 515 shares of its preferred shares of beneficial interest, or Preferred Shares, designated as 12.0% Series A Cumulative Preferred Shares, par value $0.001 per share, or the Series A Preferred Shares, for $3,000 per share. Each individual investor in the Preferred Shares offering was entitled to purchase only one Series A Preferred Share. Each holder of Series A Preferred Shares is entitled to a liquidation preference of $3,000 per share, or the Liquidation Value, plus additional amounts as set forth in the Supplement to the Company’s Second Amended and Restated Declaration of Trust Relating to 12.0% Series A Cumulative Preferred Shares. With respect to distributions, including the payment of dividends and distribution of the Company’s assets upon dissolution, liquidation, or winding up, the Series A Preferred Shares are senior to all other classes and series of Common Shares, and rank on parity with any other class or series of Preferred Shares, whether such class or series is now existing or is created in the future, to the extent of the aggregate Liquidation Value and all accrued but unpaid dividends and any applicable redemption premium on the Series A Preferred Shares. Dividends on each Series A Preferred Share accrue on a daily basis at the rate of 12.0% per annum of the sum of the Liquidation Value thereof plus all accumulated and unpaid dividends thereon, from and including March 29, 2024, to and including the earlier of (1) the date of any liquidation, dissolution, or winding up of the Company or (2) the date on which such Series A Preferred Share is redeemed. Dividends will accrue whether or not they have been authorized or declared, whether or not the Company has earnings, and whether or not there are funds legally available for payment of dividends. The outstanding Series A Preferred Shares are subject to redemption at any time by notice of such redemption on a date selected by the Company for such redemption, such date being referred to as the Redemption Date. If the Company elects to cause the redemption of the Series A Preferred Shares, each Series A Preferred Share will be redeemed for a price, payable in cash on the Redemption Date, equal to 100% of such share’s Liquidation Value, plus all accrued and unpaid dividends to and including the Redemption Date, plus a redemption premium per share as follows: (1) until the date that is two years from the date of original issuance, $300; and (2) thereafter, no redemption premium. From and after the close of business on the Redemption Date, all dividends on the outstanding Series A Preferred Shares will cease to accrue, such shares will no longer be deemed to be outstanding, and all rights of the holders of such shares (except the right to receive the redemption price for such shares from the Company) will cease. See the Supplement to the Company’s Second Amended and Restated Declaration of Trust Relating to 12.0% Series A Cumulative Preferred Shares for more information relating to the Series A Preferred Shares. The Company classifies the Series A Preferred Shares as temporary equity outside of shareholders’ equity on its accompanying unaudited statement of assets and liabilities due to certain redemption features that are not solely within the Company’s control.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Compensation of the Investment Adviser and its Affiliates Pursuant to the Advisory Agreement, commencing on and after the BDC Election Date, the Adviser is entitled to a base management fee calculated at an annual rate of 1.25% of the average monthly value of the Company’s net assets during the most recently completed quarter and an incentive fee based on the Company’s performance. See Note 2 for a discussion of the capital gains and subordinated income incentive fees that the Adviser may be entitled to under the Advisory Agreement. The Adviser has agreed to waive the base management fee and the subordinated incentive fee on income under the Advisory Agreement through March 31, 2025. Pursuant to the Administration Agreement, the Adviser oversees the Company’s day-to-day operations, including the provision of general ledger accounting, fund accounting, legal services, investor relations, certain government and regulatory affairs activities, and other administrative services. The Adviser also performs, or oversees the performance of, the Company’s corporate operations and required administrative services, which includes being responsible for the financial records that the Company is required to maintain and preparing reports for the Company’s shareholders and reports filed with the SEC. In addition, the Adviser assists the Company in calculating its NAV, overseeing the preparation and filing of tax returns and the printing and dissemination of reports to the Company’s shareholders, and generally overseeing the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. Pursuant to the Administration Agreement, the Company reimburses the Adviser for expenses necessary to perform services related to its administration and operations, including the Adviser’s allocable portion of the compensation and related expenses of certain personnel of Franklin Square Holdings, L.P., which does business as FS Investments, or FS Investments, and KKR Credit Advisers (US), LLC, or KKR Credit, providing administrative services to the Company on behalf of the Adviser. The Company reimburses the Adviser no less than monthly for all costs and expenses incurred by the Adviser in performing its obligations and providing personnel and facilities under the Administration Agreement. The Adviser allocates the cost of such services to the Company based on factors such as total assets, revenues, time allocations and/or other reasonable metrics. The Board reviews the methodology employed in determining how the expenses are allocated to the Company and the proposed allocation of administrative expenses among the Company and certain affiliates of the Adviser. The Board then assesses the reasonableness of such reimbursements for expenses allocated to the Company based on the breadth, depth and quality of such services as compared to the estimated cost to the Company of obtaining similar services from third-party service providers known to be available. In addition, the Board considers whether any single third-party service provider would be capable of providing all such services at comparable cost and quality. Finally, the Board compares the total amount paid to the Adviser for such services as a percentage of the Company’s net assets to the same ratio as reported by other comparable BDCs. Distribution/Servicing Fees The Company has entered into a placement agent agreement, as amended and supplemented from time to time, or a Placement Agent Agreement, and, together, the Placement Agent Agreements, with each of KKR Capital Markets LLC and FS Investment Solutions, LLC, the Company’s principal placement agents for the Private Offering and affiliates of the Adviser, or the Placement Agents, pursuant to which the Placement Agents have agreed to, among other things, manage the Company’s relationships with third-party brokers engaged by the Placement Agents to participate in the distribution of Common Shares, which are referred to as “participating brokers,” and financial advisors. The Placement Agents also coordinate the Company’s marketing and distribution efforts with participating brokers and their registered representatives with respect to communications related to the terms of the Private Offering, the Company’s investment strategies, material aspects of the Company’s operations and subscription procedures. Subject to any applicable Financial Industry Regulatory Authority, Inc., or FINRA, limitations on underwriting compensation, the Company pays the Placement Agents a shareholder servicing and/or distribution fee, or the Distribution/Servicing Fees, for Class S shares equal to 0.85% per annum of the NAV, as of the beginning of the first calendar day of the applicable month, of the Class S shares. The annual Distribution/Servicing Fees are paid by the Company to the Placement Agents pursuant to the Company’s amended and restated distribution and servicing plan, or the Distribution and Servicing Plan. In addition, the Company will pay to the Placement Agents all front-end sales charges, if any, on purchases of Common Shares sold subject to such charges as described in the private placement memorandum, as amended from time to time, relating to the Private Offering. The distribution and servicing expenses borne by participating brokers may be different from and substantially less than the amount of Distribution/Servicing Fees charged. The Distribution/Servicing Fees will be payable to the Placement Agents, but the Placement Agents anticipate that all or a portion of the Distribution/Servicing Fees will be retained by, or re-allowed (paid) to, eligible participating brokers and servicing broker-dealers for ongoing services performed by such broker-dealers. All or a portion of the Distribution/Servicing Fees may be used to pay for sub-transfer agency, sub-accounting and certain other administrative services that are not required to be paid pursuant to the shareholder servicing and/or distribution fees under applicable FINRA rules. The Company also may pay for these sub-transfer agency, sub-accounting and certain other administrative services outside of the Distribution/Servicing Fees and its Distribution and Servicing Plan, including but not limited to, expenses associated with advertising, compensation of underwriters, dealers, and sales personnel, the printing and mailing of prospectuses to other than current shareholders, and the printing and mailing of sales literature, each as may be determined to be in the best interests of the Company. The total amount that will be paid over time for other underwriting compensation depends on the average length of time for which shares remain outstanding, the term over which such amount is measured and the performance of the Company’s investments. The Company will also pay or reimburse certain organizational and offering expenses, including, subject to FINRA limitations on underwriting compensation, certain wholesaling expenses. The Board, including a majority of the members of the Board who are not “interested persons” (as defined in the 1940 Act) of the Company, or the Independent Trustees, have reviewed and approved the Placement Agent Agreements in accordance with Section 15(c) of the 1940 Act, and will annually review the Placement Agent Agreements and Distribution/Servicing Fees to determine that the provisions of the Placement Agent Agreements are carried out satisfactorily and to determine, among other things, whether the fees payable under such agreements are reasonable in light of the services provided and that there is a reasonable likelihood that the continuation of the plan for the Distribution/Servicing Fees will benefit the Company and its shareholders. The Board assesses the reasonableness of such fees based on the breadth, depth and quality of the distribution services to be provided to the Company, and reviews other information relating to the Placement Agents, such as their relationships with financial intermediaries and the adequacy of their compliance program. The following table describes the fees and expenses accrued under the Advisory Agreement, the Administration Agreement and the Distribution and Servicing Plan, as applicable, during the three and six months ended June 30, 2024: Three Months Ended Six Months Ended Related Party June 30, June 30, Source Agreement Description 2024 2024 The Adviser Investment advisory agreement Base Management Fee (1) $ 284 $ 311 The Adviser Investment advisory agreement Capital Gains Incentive Fee (2) $ 13 $ 27 The Adviser Investment advisory agreement Subordinated Incentive Fee on Income (3) $ 340 $ 340 The Adviser Administration agreement Administrative Services Expenses (4) $ 139 $ 180 Placement Agents Distribution and servicing plan Distribution/Servicing Fees (5) $ — $ — ________________ (1) The Adviser agreed to waive all management fees accrued under the Advisory Agreement through March 31, 2025. As of June 30, 2024, no management fees were payable to the Adviser. (2) During the six months ended June 30, 2024, the Company accrued capital gains incentive fees of  $27 based on the performance of its portfolio, all of which was based on unrealized appreciation. No capital gains incentive fees are actually payable by the Company with respect to unrealized gains unless and until those gains are actually realized. See Note 2 for a discussion of the methodology employed by the Company in calculating the capital gains incentive fees. (3) The Adviser agreed to waive all subordinated incentive fees on income accrued under the Advisory Agreement through March 31, 2025. As of June 30, 2024, no subordinated incentive fees on income were payable to the Adviser. (4) During the six months ended June 30, 2024, $177 of administrative services expenses related to the allocation of costs of administrative personnel for services rendered to the Company by the Adviser and the remainder related to other reimbursable expenses, including reimbursement of fees related to transactional expenses for prospective investments, such as fees and expenses associated with performing due diligence reviews of investments that do not close, often referred to as “broken deal” costs. Broken deal costs were $16 for the six months ended June 30, 2024. The Company paid $23 in administrative services expenses to the Adviser during the six months ended June 30, 2024. (5) Represents the distribution/servicing fees retained by the Placement Agents and not re-allowed to selected broker-dealers or financial representatives. Potential Conflicts of Interest The members of the senior management and investment teams of the Adviser serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as the Company does, or of investment vehicles managed by the same personnel. For example, the Adviser is the investment adviser to FS KKR Capital Corp. and KKR FS Income Trust, and the officers, managers and other personnel of the Adviser may serve in similar or other capacities for the investment advisers to future investment vehicles affiliated with FS Investments or KKR Credit. In serving in these multiple and other capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may not be in the Company’s best interests or in the best interest of the Company’s shareholders. The Company’s investment objectives may overlap with the investment objectives of such investment funds, accounts or other investment vehicles. Exemptive Relief As a BDC, the Company is subject to certain regulatory restrictions in making its investments. For example, BDCs generally are not permitted to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC. However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price is the only negotiated term. In an order dated January 5, 2021, the SEC granted exemptive relief that permits the Company, subject to the satisfaction of certain conditions, to co-invest in certain privately negotiated investment transactions, including investments originated and directly negotiated by the Adviser or KKR Credit, with certain affiliates of the Adviser. Capital Commitments Affiliates of the Adviser committed to invest an aggregate of $35,000 in Common Shares, or the Seed Contribution, and will not transfer or otherwise dispose of their respective capital commitment or Common Shares without the Company’s prior written consent for a period ending on the third anniversary of the BDC Election Date. As of June 30, 2024, the full $35,000 of capital commitments under the Seed Contribution had been called and funded. As of June 30, 2024, an additional $25,000 of capital commitments from third-party private investors had been called and funded in connection with the Private Offering. Expense Support and Conditional Reimbursement The Company has entered into an Expense Support and Conditional Reimbursement Agreement, or the Expense Support Agreement, with the Adviser. The Adviser may elect to pay certain of our expenses on the Company’s behalf, including, but not limited to, organizational and offering expenses and any of the Company’s expenses related to investor relations, outside legal counsel and other outside advisors and experts, finance, operations and administration, each, an Expense Payment, provided that no portion of the payment will be used to pay any interest expense or distribution and/or shareholder servicing fees of the Company. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than 90 days after such commitment was made in writing, and/or offset against amounts due from us to the Adviser or its affiliates. Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess referred to as Excess Operating Funds), the Company will pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company are referred to as a Reimbursement Payment. Available Operating Funds means the sum of (i) the Company’s net investment income (excluding organizational and offering costs and extraordinary expenses, taxes (including excise tax) and accrued capital gains incentive fees on unrealized appreciation) and (ii) the Company’s net capital gains. For the six months ended June 30, 2024 and the period ended December 31, 2023 , the Adviser has agreed to pay $347 and $0, respectively, in Expense Payments, subject to reimbursement by the Company in accordance with the Expense Support Agreement. As of June 30, 2024, the conditions precedent to the Company’s obligation to reimburse the Adviser for such Expense Payments have not been met and management believes that the reimbursement to the Adviser is not probable. The following table reflects the amounts paid by the Adviser and subject to reimbursement by the Company under the Expense Support Agreement and the expiration for future possible reimbursements by the Company: For the Three Months Ended Amount Expiration Date June 30, 2024 $ 347 June 30, 2027

Distributions

Distributions	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Distributions	Distributions The following table reflects the cash distributions per share that the Company has declared on its Common Shares during the six months ended June 30, 2024: Distribution For the Three Months Ended Per Share Amount Fiscal 2024 March 31, 2024 $ — $ — June 30, 2024 0.28 1,707 Total $ 0.28 $ 1,707 On June 11, 2024, the Company’s Board declared a monthly cash distribution of $0.20 per Common Share, which was paid on July 29, 2024 to shareholders of record as of the close of business on June 28, 2024. Additionally, on June 11, 2024, the Company’s Board declared a special cash distribution of $0.08 per Common Share, which was paid on July 29, 2024 to shareholders of record as of the close of business on June 28, 2024. Shareholders received the distribution payments in cash or in Common Shares in accordance with their election under the Company’s distribution reinvestment plan. The timing and amount of any future distributions to shareholders are subject to applicable legal restrictions and the sole discretion of the Company’s Board. The Company may fund its cash distributions to shareholders from any sources of funds legally available to it, including proceeds from the sale of Common Shares in the Private Offering, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, and dividends or other distributions paid to the Company on account of preferred and common equity investments in portfolio companies. The Company has not established limits on the amount of funds it may use from available sources to make distributions. During certain periods, the Company’s distributions may exceed its earnings. As a result, it is possible that a portion of the distributions the Company makes may represent a return of capital. A return of capital generally is a return of a shareholder’s investment rather than a return of earnings or gains derived from the Company’s investment activities. Each year a statement on Form 1099-DIV identifying the sources of the distributions (i.e., paid from ordinary income, paid from net capital gains on the sale of securities, and/or a return of capital, which is a nontaxable distribution) will be mailed to the Company’s shareholders. There can be no assurance that the Company will be able to pay distributions at a specific rate or at all. The following table reflects the sources of the cash distributions on a tax basis that the Company has paid on its Common Shares during the six months ended June 30, 2024: Six Months Ended June 30, 2024 Source of Distribution Distribution Amount Percentage Offering proceeds $ — — Borrowings — — Net investment income (1) 1,707 100 % Short-term capital gains proceeds from the sale of assets — — Long-term capital gains proceeds from the sale of assets — — Non-capital gains proceeds from the sale of assets — — Distributions on account of preferred and common equity — — Total $ 1,707 100 % ________________ (1) During the six months ended June 30, 2024, 99.6% of the Company’s gross investment income was attributable to cash income earned and 0.4% was attributable to non-cash accretion of discount. The determination of the tax attributes of the Company’s distributions is made annually as of the end of the Company’s fiscal year based upon the Company’s taxable income for the full year and distributions paid for the full year. Therefore, a determination made on a quarterly basis may not be representative of the actual tax attributes of the Company’s distributions for a full year. The actual tax characteristics of distributions to stockholders are reported to stockholders annually on Form 1099-DIV. As of June 30, 2024, the Company’s gross unrealized appreciation on a tax basis was $746. As of June 30, 2024, the Company’s gross unrealized depreciation on a tax basis was $532. The aggregate cost of the Company’s investments for U.S. federal income tax purposes totaled $119,830 as of June 30, 2024. The aggregate net unrealized appreciation (depreciation) on investments on a tax basis was $219 as of June 30, 2024. The aggregate net unrealized appreciation (depreciation) on investments on a tax basis excludes net unrealized appreciation (depreciation) from foreign currency transactions.

Investment Portfolio

Investment Portfolio	6 Months Ended
	Jun. 30, 2024
Investment Company [Abstract]
Investment Portfolio	Investment Portfolio The following table summarizes the composition of the Company’s investment portfolio at cost and fair value as of June 30, 2024: June 30, 2024 Amortized Cost (1) Fair Value Percentage of Portfolio Senior Secured Loans—First Lien $ 111,811 $ 111,771 93.1 % Asset Based Finance 8,019 8,278 6.9 % Total $ 119,830 $ 120,049 100.0 % ________________ (1) Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments. In general, under the 1940 Act, the Company would be presumed to “control” a portfolio company if it owned more than 25% of its voting securities or had the power to exercise control over the management or policies of such portfolio company, and would be an “affiliated person” of a portfolio company if it owned 5% or more of its voting securities. As of June 30, 2024, the Company did not hold investments in portfolio companies of which it is deemed to “control” or deemed to be an “affiliated person” but is not deemed to “control.” The Company’s investment portfolio may contain loans and other unfunded arrangements that are in the form of lines of credit, revolving credit facilities, delayed draw credit facilities or other investments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. As of June 30, 2024, the Company had unfunded debt investments with aggregate unfunded commitments of $15,630 and unfunded equity/other commitments of $11,286 . The Company maintains sufficient cash on hand and available capital in connection with undrawn commitments to fund such unfunded commitments should the need arise. For additional details regarding the Company’s unfunded debt investments, see the Company’s unaudited schedule of investments as of June 30, 2024. The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of June 30, 2024: June 30, 2024 (Unaudited) Industry Classification Fair Value Percentage of Portfolio Capital Goods $ 16,594 13.8 % Consumer Services 2,286 1.9 % Equity Real Estate Investment Trusts (REITs) 6,032 5.0 % Financial Services 6,852 5.7 % Health Care Equipment & Services 25,044 20.9 % Insurance 26,088 21.7 % Materials 4,470 3.7 % Real Estate Management & Development 1,446 1.2 % Software & Services 16,705 13.9 % Technology Hardware & Equipment 5,476 4.6 % Transportation 9,056 7.6 % Total $ 120,049 100.0 %

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Under existing accounting guidance, fair value is defined as the price that the Company would receive upon selling an investment or would pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. This accounting guidance emphasizes valuation techniques that maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances. The Company classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance: Level 1 : Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 : Inputs that are quoted prices for similar assets or liabilities in active markets. Level 3 : Inputs that are unobservable for an asset or liability. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. As of June 30, 2024 , the Company’s investments were categorized as follows in the fair value hierarchy: Valuation Inputs June 30, 2024 Level 1—Price quotations in active markets $ — Level 2—Significant other observable inputs 1,446 Level 3—Significant unobservable inputs 118,603 $ 120,049 The Board is responsible for overseeing the valuation of the Company’s portfolio investments at fair value as determined in good faith pursuant to the Adviser’s valuation policy. The Board has designated the Adviser as the Company’s valuation designee, with day-to-day responsibility for implementing the portfolio valuation process set forth in the Adviser’s valuation policy. The Company’s investments will consist primarily of debt investments that were acquired directly from the issuer. Debt investments, for which broker quotes are not available, are valued by independent valuation firms, which determine the fair value of such investments by considering, among other factors, the borrower’s ability to adequately service its debt, prevailing interest rates for like investments, expected cash flows, call features, anticipated repayments and other relevant terms of the investments. Except as described below, all of the Company’s equity/other investments are also valued by independent valuation firms, which determine the fair value of such investments by considering, among other factors, contractual rights ascribed to such investments, as well as various income scenarios and multiples of earnings before interest, taxes, depreciation and amortization, or EBITDA, cash flows, net income, revenues or, in limited instances, book value or liquidation value. An investment that is newly issued and purchased near the date of the financial statements is valued at cost if the Adviser determines that the cost of such investment is the best indication of its fair value. Such investments described above are typically classified as Level 3 within the fair value hierarchy. Investments that are traded on an active public market are valued at their closing price as of the date of the financial statements and are classified as Level 1 within the fair value hierarchy. Except as described above, the Adviser typically values the Company’s other investments by using the midpoint of the prevailing bid and ask prices from dealers on the date of the relevant period end, which are provided by independent third-party pricing services and screened for validity by such services and are typically classified as Level 2 within the fair value hierarchy. The Adviser periodically benchmarks the bid and ask prices it receives from the third-party pricing services and/or dealers and independent valuation firms, as applicable, against the actual prices at which the Company purchases and sells its investments. Based on the results of the benchmark analysis and the experience of the Company’s management in purchasing and selling these investments, the Adviser believes that these prices are reliable indicators of fair value. As of June 30, 2024 , t he Adviser reviewed and approved the valuation determinations made with respect to these investments in a manner consistent with the Adviser’s valuation policy. The following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value for the six months ended June 30, 2024 : For the Six Months Ended June 30, 2024 Senior Secured Loans—First Lien Asset Based Finance Total Fair value at beginning of period $ — $ — $ — Accretion of discount (amortization of premium) 12 — 12 Net realized gain (loss) — — — Net change in unrealized appreciation (depreciation) (40) 259 219 Purchases 111,970 6,573 118,543 Paid-in-kind interest — — — Sales and repayments (171) — (171) Transfers into Level 3 — — — Transfers out of Level 3 — — — Fair value at end of period $ 111,771 $ 6,832 $ 118,603 The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date $ (40) $ 259 $ 219 The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of June 30, 2024 were as follows: Type of Investment Fair Value at June 30, 2024 Valuation Unobservable Range (Weighted Average) Impact to Valuation from an Increase in Input (1) Senior Debt $ 98,263 Discounted Cash Flow Discount Rate 9.5% - 11.5% (10.2%) Decrease 13,508 Cost Asset Based Finance 6,832 Discounted Cash Flow Discount Rate 8.3% - 16.0% (9.2%) Decrease Total $ 118,603 ________________ (1) Represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies On May 9, 2024, the Company entered into a facility agreement, or the Cliffwater Facility Agreement, with Cliffwater Corporate Lending Fund, or Cliffwater, and CCLF Holdings (D34) LLC, or the Financing Provider, each an unaffiliated third party, to acquire portfolio investments from time to time by purchasing all or a portion of certain investments owned and held by the Financing Provider at the Company’s or the Financing Provider’s request pursuant to the terms and provisions of the Cliffwater Facility Agreement, or the Warehousing Transaction. The Cliffwater Facility Agreement creates a forward obligation of the Financing Provider to sell, and a forward obligation of the Company or its designee to purchase, all or a portion of certain investments owned and held by the Financing Provider at the Company’s or the Financing Provider’s request pursuant to the terms and conditions of the Cliffwater Facility Agreement. Prior to the date on which (i) an insolvency proceeding is commenced by the Company or (ii) an insolvency proceeding is commenced against the Company and is not dismissed or stayed within 60 days, such date, the Facility End Date, the Company’s obligation to purchase such investments is conditional upon satisfying certain conditions, including that the Company has called and received cash funding from subscriptions in an aggregate amount of at least $250,000, such condition, the Capital Condition. During the six months ended June 30, 2024, the Company purchased investments, including unfunded commitments, with a cost of $29,302 from the Financing Provider. As of June 30, 2024, $26,715 of these purchases are included in payable for investments purchased in the statement of assets and liabilities. For the period from July 1, 2024 through August 9, 2024, the Company purchased investments, including unfunded commitments, with a cost of $34,583 from the Financing Provider. As of June 30, 2024, the conditions precedent to the Company’s obligation to purchase any such investments have not been met. The Company did not hold any beneficial interest in the warehouse. The Company enters into contracts that contain a variety of indemnification provisions. The Company’s maximum exposure under these arrangements is unknown; however, the Company has not had prior claims or losses pursuant to these contracts. The Adviser has reviewed the Company’s existing contracts and expects the risk of loss to the Company to be remote. The Company is not currently subject to any material legal proceedings and, to the Company’s knowledge, no material legal proceedings are threatened against the Company. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, the Company does not expect that any such proceedings will have a material effect upon its financial condition or results of operations. Unfunded commitments to provide funds to portfolio companies are not recorded in the Company’s statement of assets and liabilities. Since these commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Company has sufficient liquidity to fund these commitments. As of June 30, 2024 , the Company’s unfunded commitments consisted of the following: Category / Company (1) Commitment Amount Senior Secured Loans—First Lien Ardonagh Group Ltd/The $ 97 Cadence Education LLC 353 Cadence Education LLC 600 CSafe Global 292 CSafe Global 489 Dental365 LLC 752 Dental365 LLC 2,034 DuBois Chemicals Inc 752 DuBois Chemicals Inc 752 Galway Partners Holdings LLC 542 Insightsoftware.Com Inc 193 Insightsoftware.Com Inc 841 Model N Inc 497 Model N Inc 933 OEConnection LLC 400 OEConnection LLC 640 PSC Group 89 PSC Group 231 STV Group Inc 321 STV Group Inc 492 Turnpoint Services Inc 558 Turnpoint Services Inc 892 Wealth Enhancement Group LLC 298 Woolpert Inc 742 Woolpert Inc 1,840 Total $ 15,630 Unfunded Equity/Other commitments $ 11,286 ____________________ (1) May be commitments to one or more entities affiliated with the named company. As of June 30, 2024 , the Company’s debt commitments are comprised of $5,986 revolving credit facilities and $9,644 delayed draw term loans, which generally are used for acquisitions or capital expenditures and are subject to certain performance tests. Such unfunded debt commitments have a fair value representing unrealized appreciation (depreciation) of $(38). While the Company does not expect to fund all of its unfunded commitments, there can be no assurance that it will not be required to do so. In the normal course of business, the Company may enter into guarantees on behalf of portfolio companies. Under such arrangements, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. The Company had no such guarantees outstanding as at June 30, 2024 and December 31, 2023 .

Financial Highlights

Financial Highlights	6 Months Ended
	Jun. 30, 2024
Investment Company [Abstract]
Financial Highlights	Financial Highlights The following is a schedule of financial highlights of the Company for the six months ended June 30, 2024 : Six Months Ended Per Share Data: (1) Net asset value, beginning of period $ 25.00 Results of operations (2) Net investment income (loss) 1.23 Net realized gain (loss) and unrealized appreciation (depreciation) (0.60) Net increase (decrease) in net assets resulting from operations 0.63 Shareholder distributions (3) Distributions from net investment income (0.28) Net decrease in net assets resulting from shareholder distributions (0.28) Capital share transactions Issuance of Common Shares (4) — Net increase (decrease) in net assets resulting from capital share transactions — Net asset value, end of period $ 25.35 Shares outstanding, end of period 6,095,697 Total return based on net asset value (5) 2.52 % Ratio/Supplemental Data: Net assets, end of period $ 154,549 Ratio of net investment income to average net assets (6) 9.59 % Ratio of total operating expenses to average net assets (6) 4.37 % Ratio of waived expenses to average net assets (6) (3.65) % Ratio of net operating expenses to average net assets (6) 0.72 % Portfolio turnover (7) 0.26 % Total amount of senior securities outstanding, exclusive of treasury securities $ 1,439 Asset coverage per unit (8) 108.40 ____________________ (1) Per share data may be rounded in order to recompute the ending NAV per share. (2) The per share data was derived by using the weighted average shares outstanding during the applicable period. (3) The per share data for distributions reflect the actual amount of distributions paid per share during the applicable period. (4) The issuance of Common Shares on a per share basis reflects the incremental net asset value changes as a result of the issuance of Common Shares in connection with the Seed Contribution. The issuance of Common Shares at a price that is less than the net asset value per share results in a decrease in net asset value per share. (5) The total return based on NAV for each period presented was calculated by taking the NAV per share as of the end of the applicable period, adding the cash distributions per share that were declared during the period and dividing the total by the NAV per share at the beginning of the period. Total return based on NAV does not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of Common Shares. The historical calculation of total return based on NAV in the table should not be considered a representation of the Company’s future total return based on NAV, which may be greater or less than the return shown in the table due to a number of factors, including the Company’s ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets and general economic conditions. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods. The total return calculations set forth above represent the total return on the Company’s investment portfolio during the applicable period and do not represent an actual return to shareholders. (6) Weighted average net assets during the applicable period are used for this calculation. Ratios for the six months ended June 30, 2024 are annualized, with the exception of capital gains incentive fees. Annualized ratios for the six months ended June 30, 2024 are not necessarily indicative of the ratios that may be expected for the year ending December 31, 2024. The following is a schedule of supplemental ratios for the six months ended June 30, 2024: Six Months Ended Ratio of accrued capital gains incentive fees to average net assets 0.05 % (7) Portfolio turnover for the six months ended June 30, 2024 is not annualized. (8) Asset coverage per unit is the ratio of the carrying value of the Company’s total assets, less liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions On July 11, 2024, the Board declared a distribution of $0.20 per Common Share, payable on or about August 28, 2024 to shareholders of record as of the close of business on July 31, 2024. Additionally, on July 31, 2024, the Board declared a distribution of $0.20 per Common Share, payable on or about September 26, 2024 to shareholders of record as of the close of business on August 30, 2024. Shareholders may receive the distribution payments in cash or in Common Shares in accordance with their election under the Company’s distribution reinvestment plan. Private Offering Closings On July 1, 2024, the Company issued and sold 1,227,036 Common Shares in the Private Offering (with the final number of Common Shares issued being determined on July 22, 2024) pursuant to subscription agreements entered into with the participating investors for aggregate consideration of $31,105. On August 1, 2024, the Company issued and sold Common Shares in the Private Offering pursuant to subscription agreements entered into with the participating investors for aggregate consideration of $42,120. The final number of Common Shares issued as of August 1, 2024 in connection with the monthly closing will be determined at a later date in connection with the Company’s determination of its net asset value per Common Share as of July 31, 2024. Series A Preferred Shares The Company redeemed all of its issued and outstanding shares of the Series A Preferred Shares on August 1, 2024, or the Redemption Date. In accordance with the Supplement to the Company’s Second Amended and Restated Declaration of Trust Relating to 12.0% Series A Cumulative Preferred Shares, the shares of Series A Preferred Shares were redeemed at a price equal to $3,000 per share, plus all accrued and unpaid dividends thereon to and including the Redemption Date and a $300 redemption premium per share. Senior Secured Revolving Credit Facility On July 2, 2024, the Company entered into a senior secured revolving credit agreement, or the Senior Secured Revolving Credit Facility, by and among the Company, as borrower, ING Capital LLC, as administrative agent, in such capacity, or the Administrative Agent, and the financial institutions party thereto, as lenders and issuing banks. The Senior Secured Revolving Credit Facility provides for borrowings in U.S. dollars and certain agreed upon foreign currencies in an initial aggregate amount of up to $50,000, with an option for the Company to request, at one or more times, that existing and/or new lenders, at their election, provide up to $250,000. The Senior Secured Revolving Credit Facility provides for the issuance of letters of credit up to the aggregate amount of commitments then available to be drawn thereunder and swingline loans in an aggregate principal amount at any time outstanding that will not exceed $10,000. Availability under the Senior Secured Revolving Credit Facility will terminate on the earlier of July 2, 2028, or the Commitment Termination Date, and the date of termination of the revolving commitments thereunder, and the outstanding loans under the Senior Secured Revolving Credit Facility will mature on July 2, 2029. The Senior Secured Revolving Credit Facility also requires mandatory prepayment of interest and principal upon certain events, including asset sales, extraordinary receipts, returns of capital, equity issuances, and incurrence of indebtedness, with certain exceptions and minimum amount thresholds. Borrowings under the Senior Secured Revolving Credit Facility are subject to compliance with a borrowing base test. Amounts drawn under the Senior Secured Revolving Credit Facility in U.S. dollars will bear interest at either term SOFR plus 2.125%, or the prime rate plus 1.125%. The Company may elect either the term SOFR or prime rate at the time of drawdown, and loans denominated in U.S. dollars may be converted from one rate to another at any time at the Company’s option, subject to certain conditions. Amounts drawn under the Senior Secured Revolving Credit Facility in other permitted currencies will bear interest at the relevant rate specified therein plus 2.125%. During the period commencing on July 2, 2024 and ending on the earlier of the Commitment Termination Date and the date of termination of the revolving commitments under the Senior Secured Revolving Credit Facility, the Company will pay a commitment fee of 0.375% per annum (based on the immediately preceding quarter’s average usage) on the daily unused amount of the commitments then available thereunder. The Company also will be required to pay letter of credit participation fees and a fronting fee on the average daily amount of any lender’s exposure with respect to any letters of credit issued at the Company’s request under the Senior Secured Revolving Credit Facility. In connection with the Senior Secured Revolving Credit Facility, the Company has made certain representations and warranties and must comply with various covenants and reporting requirements customary for facilities of this type. In addition, the Company must comply with the following financial covenants with respect to the Company and its consolidated subsidiaries: (a) the Company must maintain a minimum shareholders’ equity, measured as of each fiscal quarter end; and (b) the Company must maintain at all times a 150% asset coverage ratio. The Senior Secured Revolving Credit Facility contains events of default customary for facilities of this type. Upon the occurrence of an event of default, the Administrative Agent, at the request of the required lenders, may terminate the commitments and declare the outstanding advances and all other obligations under the Senior Secured Revolving Credit Facility immediately due and payable. The Company’s obligations under the Senior Secured Revolving Credit Facility are guaranteed by certain of the Company’s subsidiaries. The Company’s obligations under the Senior Secured Revolving Credit Facility are secured by a first priority security interest in substantially all of the Company’s assets and certain of the Company’s subsidiaries thereunder.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Pay vs Performance Disclosure
Net increase (decrease) in net assets resulting from operations	$ 2,688	$ 2,844

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation : The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, for interim financial information and with the instructions for Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For a more complete discussion of significant accounting policies and certain other information, the Company’s interim unaudited financial statements should be read in conjunction with its audited financial statements as of and for the period from April 19, 2023 (date of formation) to December 31, 2023 included in Amendment No. 1 to the Company’s Registration Statement on Form 10, filed with the U.S. Securities and Exchange Commission, or the SEC, on March 1, 2024, or the Form 10. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The December 31, 2023 statement of assets and liabilities is derived from the Company’s audited financial statements as of and for the period ended December 31, 2023. The Company is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies under Financial Accounting Standards Board, or FASB, Accounting Standards Codification Topic 946, Financial Services—Investment Companies .
Use of Estimates	Use of Estimates: The preparation of the unaudited financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents:
Organizational and Offering	Organizational and Offering: Costs associated with the offering of Common Shares will be capitalized as deferred offering expenses and included as prepaid and other assets on the Statement of Assets and Liabilities and eligible to be amortized over a twelve-month period.
Subordinated Income Incentive Fee and Capital Gains Incentive Fee	Subordinated Income Incentive Fee: Pursuant to the terms of the Advisory Agreement, the Adviser may be entitled to receive a subordinated incentive fee on income. The subordinated incentive fee on income under the Advisory Agreement, which is calculated and payable quarterly in arrears commencing with the first full calendar quarter after the date of the Company’s election to be regulated as a BDC under the 1940 Act on February 20, 2024, or the BDC Election Date, equals 12.5% of the Company’s “pre-incentive fee net investment income” for the immediately preceding quarter (or portion thereof with respect to the quarter in which the BDC Election Date occurs) and is subject to a hurdle rate, expressed as a rate of return on the value of the Company’s net assets, equal to 1.25% per quarter, or an annualized hurdle rate of 5.0%. As a result, the Adviser will not earn this incentive fee for any quarter until the Company’s pre-incentive fee net investment income for such quarter exceeds the hurdle rate of 1.25%. Once the Company’s pre-incentive fee net investment income in any quarter exceeds the hurdle rate, the Adviser will be entitled to a “catch-up” fee equal to the amount of the pre-incentive fee net investment income in excess of the hurdle rate, until the Company’s pre-incentive fee net investment income for such quarter equals 1.43%, or 5.72% annually, of net assets. Thereafter, the Adviser will be entitled to receive 12.5% of pre-incentive fee net investment income. The Adviser has agreed to waive the Company’s base management fee and subordinated incentive fee on income through March 31, 2025. Capital Gains Incentive Fee: Pursuant to the terms of the Advisory Agreement, the incentive fee on capital gains is determined and payable in arrears as of the end of each calendar year (or upon termination of the Advisory Agreement) commencing with the end of the first calendar year in which the BDC Election Date occurs. This fee equals 12.5% of the Company’s incentive fee capital gains, which equals the Company’s realized capital gains on a cumulative basis from the BDC Election Date, calculated as of the end of the applicable period, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from the BDC Election Date, less the aggregate amount of any capital gain incentive fees previously paid by the Company. On a quarterly basis, the Company accrues for the capital gains incentive fee by calculating such fee as if it were due and payable as of the end of such period. The Company includes unrealized gains in the calculation of the capital gains incentive fee expense and related accrued capital gains incentive fee. This accrual reflects the incentive fees that would be payable to the Adviser if the Company’s entire portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized.
Revenue Recognition	Revenue Recognition : Security transactions are accounted for on the trade date. The Company records interest income on an accrual basis to the extent that it expects to collect such amounts. The Company records dividend income on the ex-dividend date. Distributions received from limited liability company, or LLC, and limited partnership, or LP, investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. The Company does not accrue as a receivable interest or dividends on loans and securities if it has reason to doubt its ability to collect such income. The Company’s policy is to place investments on non-accrual status when there is reasonable doubt that interest income will be collected. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. If there is reasonable doubt that the Company will receive any previously accrued interest, then the accrued interest will be written-off. Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the collectability of the remaining principal and interest. Non-accrual investments may be restored to accrual status when principal and interest become current and are likely to remain current based on the Company’s judgment. Loan origination fees, original issue discount and market discount are capitalized and the Company accretes such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income. Structuring and other non-recurring upfront fees are recorded as fee income when earned. For the six months ended June 30, 2024 , the Company recognized $114 in structuring fee revenue. The Company records prepayment premiums on loans and securities as fee income when it receives such amounts.
Income Taxes	Income Taxes: The Company intends to elect to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a RIC under Subchapter M of the Code. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements and distribute to its stockholders, for each taxable year, at least 90% of its “investment company taxable income,” which is generally the Company’s net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses. As a RIC, the Company will not have to pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes to its stockholders. The Company intends to make distributions in an amount sufficient to qualify for and maintain its RIC status each year and to not pay any federal income taxes on income so distributed. The Company will also be subject to nondeductible federal excise taxes if it does not distribute an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years.
Fair Value of Financial Instruments	Under existing accounting guidance, fair value is defined as the price that the Company would receive upon selling an investment or would pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. This accounting guidance emphasizes valuation techniques that maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances. The Company classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance: Level 1 : Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 : Inputs that are quoted prices for similar assets or liabilities in active markets. Level 3 : Inputs that are unobservable for an asset or liability. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Share Transactions (Tables)

Share Transactions (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Common Stock Transactions	Below is a summary of transactions with respect to shares of the Company’s Common Shares during the six months ended June 30, 2024: Six Months Ended June 30, 2024 Shares Amount Gross Proceeds from Offering 6,095,657 $ 153,458 The following table reflects the cash distributions per share that the Company has declared on its Common Shares during the six months ended June 30, 2024: Distribution For the Three Months Ended Per Share Amount Fiscal 2024 March 31, 2024 $ — $ — June 30, 2024 0.28 1,707 Total $ 0.28 $ 1,707

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Schedule of Accrued Fees and Expenses and Amounts Subject to Reimbursement	The following table describes the fees and expenses accrued under the Advisory Agreement, the Administration Agreement and the Distribution and Servicing Plan, as applicable, during the three and six months ended June 30, 2024: Three Months Ended Six Months Ended Related Party June 30, June 30, Source Agreement Description 2024 2024 The Adviser Investment advisory agreement Base Management Fee (1) $ 284 $ 311 The Adviser Investment advisory agreement Capital Gains Incentive Fee (2) $ 13 $ 27 The Adviser Investment advisory agreement Subordinated Incentive Fee on Income (3) $ 340 $ 340 The Adviser Administration agreement Administrative Services Expenses (4) $ 139 $ 180 Placement Agents Distribution and servicing plan Distribution/Servicing Fees (5) $ — $ — ________________ (1) The Adviser agreed to waive all management fees accrued under the Advisory Agreement through March 31, 2025. As of June 30, 2024, no management fees were payable to the Adviser. (2) During the six months ended June 30, 2024, the Company accrued capital gains incentive fees of  $27 based on the performance of its portfolio, all of which was based on unrealized appreciation. No capital gains incentive fees are actually payable by the Company with respect to unrealized gains unless and until those gains are actually realized. See Note 2 for a discussion of the methodology employed by the Company in calculating the capital gains incentive fees. (3) The Adviser agreed to waive all subordinated incentive fees on income accrued under the Advisory Agreement through March 31, 2025. As of June 30, 2024, no subordinated incentive fees on income were payable to the Adviser. (4) During the six months ended June 30, 2024, $177 of administrative services expenses related to the allocation of costs of administrative personnel for services rendered to the Company by the Adviser and the remainder related to other reimbursable expenses, including reimbursement of fees related to transactional expenses for prospective investments, such as fees and expenses associated with performing due diligence reviews of investments that do not close, often referred to as “broken deal” costs. Broken deal costs were $16 for the six months ended June 30, 2024. The Company paid $23 in administrative services expenses to the Adviser during the six months ended June 30, 2024. (5) Represents the distribution/servicing fees retained by the Placement Agents and not re-allowed to selected broker-dealers or financial representatives. The following table reflects the amounts paid by the Adviser and subject to reimbursement by the Company under the Expense Support Agreement and the expiration for future possible reimbursements by the Company: For the Three Months Ended Amount Expiration Date June 30, 2024 $ 347 June 30, 2027

Distributions (Tables)

Distributions (Tables)	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Common Stock Transactions	Below is a summary of transactions with respect to shares of the Company’s Common Shares during the six months ended June 30, 2024: Six Months Ended June 30, 2024 Shares Amount Gross Proceeds from Offering 6,095,657 $ 153,458 The following table reflects the cash distributions per share that the Company has declared on its Common Shares during the six months ended June 30, 2024: Distribution For the Three Months Ended Per Share Amount Fiscal 2024 March 31, 2024 $ — $ — June 30, 2024 0.28 1,707 Total $ 0.28 $ 1,707
Schedule of Investment Company, Distribution To Shareholders	The following table reflects the sources of the cash distributions on a tax basis that the Company has paid on its Common Shares during the six months ended June 30, 2024: Six Months Ended June 30, 2024 Source of Distribution Distribution Amount Percentage Offering proceeds $ — — Borrowings — — Net investment income (1) 1,707 100 % Short-term capital gains proceeds from the sale of assets — — Long-term capital gains proceeds from the sale of assets — — Non-capital gains proceeds from the sale of assets — — Distributions on account of preferred and common equity — — Total $ 1,707 100 % ________________ (1) During the six months ended June 30, 2024, 99.6% of the Company’s gross investment income was attributable to cash income earned and 0.4% was attributable to non-cash accretion of discount.

Investment Portfolio (Tables)

Investment Portfolio (Tables)	6 Months Ended
	Jun. 30, 2024
Investment Company [Abstract]
Schedule of the Composition of Investment Portfolio	The following table summarizes the composition of the Company’s investment portfolio at cost and fair value as of June 30, 2024: June 30, 2024 Amortized Cost (1) Fair Value Percentage of Portfolio Senior Secured Loans—First Lien $ 111,811 $ 111,771 93.1 % Asset Based Finance 8,019 8,278 6.9 % Total $ 119,830 $ 120,049 100.0 % ________________ (1) Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments. The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of June 30, 2024: June 30, 2024 (Unaudited) Industry Classification Fair Value Percentage of Portfolio Capital Goods $ 16,594 13.8 % Consumer Services 2,286 1.9 % Equity Real Estate Investment Trusts (REITs) 6,032 5.0 % Financial Services 6,852 5.7 % Health Care Equipment & Services 25,044 20.9 % Insurance 26,088 21.7 % Materials 4,470 3.7 % Real Estate Management & Development 1,446 1.2 % Software & Services 16,705 13.9 % Technology Hardware & Equipment 5,476 4.6 % Transportation 9,056 7.6 % Total $ 120,049 100.0 %

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Hierarchy	As of June 30, 2024 , the Company’s investments were categorized as follows in the fair value hierarchy: Valuation Inputs June 30, 2024 Level 1—Price quotations in active markets $ — Level 2—Significant other observable inputs 1,446 Level 3—Significant unobservable inputs 118,603 $ 120,049
Schedule of Reconciliation Fair Value, Assets	The following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value for the six months ended June 30, 2024 : For the Six Months Ended June 30, 2024 Senior Secured Loans—First Lien Asset Based Finance Total Fair value at beginning of period $ — $ — $ — Accretion of discount (amortization of premium) 12 — 12 Net realized gain (loss) — — — Net change in unrealized appreciation (depreciation) (40) 259 219 Purchases 111,970 6,573 118,543 Paid-in-kind interest — — — Sales and repayments (171) — (171) Transfers into Level 3 — — — Transfers out of Level 3 — — — Fair value at end of period $ 111,771 $ 6,832 $ 118,603 The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date $ (40) $ 259 $ 219
Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value	The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of June 30, 2024 were as follows: Type of Investment Fair Value at June 30, 2024 Valuation Unobservable Range (Weighted Average) Impact to Valuation from an Increase in Input (1) Senior Debt $ 98,263 Discounted Cash Flow Discount Rate 9.5% - 11.5% (10.2%) Decrease 13,508 Cost Asset Based Finance 6,832 Discounted Cash Flow Discount Rate 8.3% - 16.0% (9.2%) Decrease Total $ 118,603 ________________ (1) Represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Unfunded Commitments	As of June 30, 2024 , the Company’s unfunded commitments consisted of the following: Category / Company (1) Commitment Amount Senior Secured Loans—First Lien Ardonagh Group Ltd/The $ 97 Cadence Education LLC 353 Cadence Education LLC 600 CSafe Global 292 CSafe Global 489 Dental365 LLC 752 Dental365 LLC 2,034 DuBois Chemicals Inc 752 DuBois Chemicals Inc 752 Galway Partners Holdings LLC 542 Insightsoftware.Com Inc 193 Insightsoftware.Com Inc 841 Model N Inc 497 Model N Inc 933 OEConnection LLC 400 OEConnection LLC 640 PSC Group 89 PSC Group 231 STV Group Inc 321 STV Group Inc 492 Turnpoint Services Inc 558 Turnpoint Services Inc 892 Wealth Enhancement Group LLC 298 Woolpert Inc 742 Woolpert Inc 1,840 Total $ 15,630 Unfunded Equity/Other commitments $ 11,286 ____________________ (1) May be commitments to one or more entities affiliated with the named company.

Financial Highlights (Tables)

Financial Highlights (Tables)	6 Months Ended
	Jun. 30, 2024
Investment Company [Abstract]
Schedule of Investment Company, Financial Highlights	The following is a schedule of financial highlights of the Company for the six months ended June 30, 2024 : Six Months Ended Per Share Data: (1) Net asset value, beginning of period $ 25.00 Results of operations (2) Net investment income (loss) 1.23 Net realized gain (loss) and unrealized appreciation (depreciation) (0.60) Net increase (decrease) in net assets resulting from operations 0.63 Shareholder distributions (3) Distributions from net investment income (0.28) Net decrease in net assets resulting from shareholder distributions (0.28) Capital share transactions Issuance of Common Shares (4) — Net increase (decrease) in net assets resulting from capital share transactions — Net asset value, end of period $ 25.35 Shares outstanding, end of period 6,095,697 Total return based on net asset value (5) 2.52 % Ratio/Supplemental Data: Net assets, end of period $ 154,549 Ratio of net investment income to average net assets (6) 9.59 % Ratio of total operating expenses to average net assets (6) 4.37 % Ratio of waived expenses to average net assets (6) (3.65) % Ratio of net operating expenses to average net assets (6) 0.72 % Portfolio turnover (7) 0.26 % Total amount of senior securities outstanding, exclusive of treasury securities $ 1,439 Asset coverage per unit (8) 108.40 ____________________ (1) Per share data may be rounded in order to recompute the ending NAV per share. (2) The per share data was derived by using the weighted average shares outstanding during the applicable period. (3) The per share data for distributions reflect the actual amount of distributions paid per share during the applicable period. (4) The issuance of Common Shares on a per share basis reflects the incremental net asset value changes as a result of the issuance of Common Shares in connection with the Seed Contribution. The issuance of Common Shares at a price that is less than the net asset value per share results in a decrease in net asset value per share. (5) The total return based on NAV for each period presented was calculated by taking the NAV per share as of the end of the applicable period, adding the cash distributions per share that were declared during the period and dividing the total by the NAV per share at the beginning of the period. Total return based on NAV does not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of Common Shares. The historical calculation of total return based on NAV in the table should not be considered a representation of the Company’s future total return based on NAV, which may be greater or less than the return shown in the table due to a number of factors, including the Company’s ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets and general economic conditions. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods. The total return calculations set forth above represent the total return on the Company’s investment portfolio during the applicable period and do not represent an actual return to shareholders. (6) Weighted average net assets during the applicable period are used for this calculation. Ratios for the six months ended June 30, 2024 are annualized, with the exception of capital gains incentive fees. Annualized ratios for the six months ended June 30, 2024 are not necessarily indicative of the ratios that may be expected for the year ending December 31, 2024. The following is a schedule of supplemental ratios for the six months ended June 30, 2024: Six Months Ended Ratio of accrued capital gains incentive fees to average net assets 0.05 % (7) Portfolio turnover for the six months ended June 30, 2024 is not annualized. (8) Asset coverage per unit is the ratio of the carrying value of the Company’s total assets, less liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Organizational expenses	$ 1,500
Payments form adviser in organizational and offering expenses	1,846	$ 1,026
Structuring Fees
Related Party Transaction [Line Items]
Structuring fee revenue	$ 114
Investment Advisory Agreement - Incentive Rate, Quarterly In Arrears | Related Party
Related Party Transaction [Line Items]
Incentive fee percentage	12.50%
Investment Advisory Agreement - Incentive Rate, Quarterly Hurdle Rate | Related Party
Related Party Transaction [Line Items]
Incentive fee percentage	1.25%
Investment Advisory Agreement - Incentive Rate, Annualized Hurdle Rate | Related Party
Related Party Transaction [Line Items]
Incentive fee percentage	5%
Investment Advisory Agreement - Incentive Rate, Quarterly Catch-Up Threshold | Related Party
Related Party Transaction [Line Items]
Incentive fee percentage	1.43%
Investment Advisory Agreement - Incentive Rate, Annualized Catch-Up Threshold | Related Party
Related Party Transaction [Line Items]
Incentive fee percentage	5.72%
Investment Advisory Agreement - Incentive Rate, Realized Capital Gains | Related Party
Related Party Transaction [Line Items]
Incentive fee percentage	12.50%

Share Transactions - Schedule o

Share Transactions - Schedule of Common Stock Transactions (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) shares
Investment Company, Change in Net Assets [Line Items]
Gross Proceeds from Offering	$ 153,458
IPO
Investment Company, Change in Net Assets [Line Items]
Gross Proceeds from Offering (in shares) | shares	6,095,657
Gross Proceeds from Offering	$ 153,458

Share Transactions - Narrative

Share Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended	6 Months Ended
	Aug. 01, 2024	Mar. 29, 2024	Jul. 31, 2024	Sep. 30, 2024	Jun. 30, 2024
Investment Company, Change in Net Assets [Line Items]
Issuance of capital					$ 153,458
Discretionary Share Repurchase Program
Investment Company, Change in Net Assets [Line Items]
Early repurchase deduction percentage					2%
Forecast | Discretionary Share Repurchase Program
Investment Company, Change in Net Assets [Line Items]
Percentage of common shares outstanding				5%
Private Placement
Investment Company, Change in Net Assets [Line Items]
Called capital contributions					$ 60,000
Private Placement | Subsequent Event
Investment Company, Change in Net Assets [Line Items]
Dividends	12%
Share issued, price per share (in dollars per share)	$ 3,000
Original issuance amount (in dollars per share)	$ 300
Class S Shares
Investment Company, Change in Net Assets [Line Items]
Gross proceeds from offering (in shares)					6,095,657
Issuance of capital					$ 153,458
Share price (in dollars per share)					$ 25.17
Class S Shares | Subsequent Event
Investment Company, Change in Net Assets [Line Items]
Gross proceeds from offering (in shares)			1,252,766
Issuance of capital			$ 31,757
Share price (in dollars per share)			$ 25.35
Reinvestment of distributions			$ 652
Reinvestment of distributions (in shares)			25,730
Class S Shares | Private Placement
Investment Company, Change in Net Assets [Line Items]
Gross proceeds from offering (in shares)					6,095,697
Issuance of capital					$ 153,459
Number of shares issued in capital contributions exchange (in shares)					2,393,528
Capital committed					$ 60,000
Series A Preferred Stock
Investment Company, Change in Net Assets [Line Items]
Preferred stock, shares issued (in shares)		515
Dividends		12%
Preferred stock, par value (in dollars per share)		$ 0.001
Share issued, price per share (in dollars per share)		3,000
Liquidation preference (in dollars per share)		$ 3,000
Redemption price as a percent of liquidation value		100%
Redemption term		2 years
Original issuance amount (in dollars per share)		$ 300
Series A Cumulative Preferred Shares
Investment Company, Change in Net Assets [Line Items]
Preferred stock, designated percentage		12%

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Period subject to expense reimbursement		3 years
Expense payments subject to reimbursement	$ 624	$ 651
Related Party
Related Party Transaction [Line Items]
Capital committed		$ 35,000
Committed capital term of commitment		3 years
Related Party | Seed Contributions Called And Funded
Related Party Transaction [Line Items]
Capital committed		$ 35,000
Related Party | Third-party Private Investors Called And Funded
Related Party Transaction [Line Items]
Capital committed		$ 25,000
Related Party | Expense Support Agreement
Related Party Transaction [Line Items]
Committed capital term of commitment		90 days
Expense payments subject to reimbursement		$ 347	$ 0
Related Party | Compensation Of The Investment Adviser And Its Affiliates
Related Party Transaction [Line Items]
Base management fee rate		1.25%
Related Party | Distribution And Servicing Fee
Related Party Transaction [Line Items]
Base management fee rate		0.85%

Related Party Transactions - Fe

Related Party Transactions - Fees And Expenses Accrued (Details) - USD ($)		3 Months Ended	6 Months Ended
		Jun. 30, 2024	Jun. 30, 2024
Related Party Transaction [Line Items]
Management fees		$ 284,000	$ 311,000
Capital gains incentive fees	[1]	13,000	27,000
Subordinated income incentive fees	[1]	340,000	340,000
Administrative services expense		139,000	180,000
Distribution/servicing fees		112,000	112,000
Related Party
Related Party Transaction [Line Items]
Management fees		284,000	311,000
Capital gains incentive fees		13,000	27,000
Subordinated income incentive fees		340,000	340,000
Administrative services expense		139,000	180,000
Distribution/servicing fees		$ 0	0
Base management fees paid			0
Payment for subordinated income incentive fee			0
Allocation of costs of administrative personnel for services rendered			177,000
Broken deal cost			16,000
Payment for administrative services expenses			$ 23,000
[1] See Note 2 and 4 for a discussion of the methodology employed by the Company in calculating the subordinated income incentive fees and capital gains incentive fees.

Related Party Transactions - _2

Related Party Transactions - Fees And Reimbursement (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Expense payments subject to reimbursement	$ 624	$ 651
Expense Support Agreement | Related Party
Related Party Transaction [Line Items]
Expense payments subject to reimbursement		$ 347	$ 0

Distributions - Cash Distributi

Distributions - Cash Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024
Investment Company, Financial Highlights [Line Items]
Distribution (in dollars per share)			$ 0.28
Common Stock
Investment Company, Financial Highlights [Line Items]
Distribution (in dollars per share)	$ 0.28	$ 0	$ 0.28
Distribution	$ 1,707	$ 0	$ 1,707

Distributions- Narrative (Detai

Distributions- Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 31, 2024	Jul. 29, 2024	Jul. 11, 2024	Jun. 11, 2024	Jun. 30, 2024
Investment Company, Financial Highlights [Line Items]
Distributions declared per share (in dollars per share)				$ 0.2
Distribution special cash declared (in dollars per share)				$ 0.08
Unrealized appreciation on a tax basis					$ 746
Unrealized depreciation on a tax basis					532
Aggregate cost of investments for income tax purposes					119,830
Aggregate net unrealized appreciation (depreciation) on investments on a tax basis					$ 219
Subsequent Event
Investment Company, Financial Highlights [Line Items]
Distributions declared per share (in dollars per share)	$ 0.2		$ 0.2
Distribution cash paid per share (in dollars per share)		$ 0.2
Distribution special cash paid (in dollars per share)		$ 0.08

Distributions - Schedule of Inv

Distributions - Schedule of Investment Company, Distribution To Shareholders (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)
Percentage
Gross investment income, percentage attributable to cash income earned			0.996
Gross investment income, percentage attributable to non-cash accretion of discount			0.004
Common Stock
Distribution Amount
Offering proceeds			$ 0
Borrowings			0
Net investment income			1,707
Short-term capital gains proceeds from the sale of assets			0
Long-term capital gains proceeds from the sale of assets			0
Non-capital gains proceeds from the sale of assets			0
Distributions on account of preferred and common equity			0
Total	$ 1,707	$ 0	$ 1,707
Percentage
Offering proceeds			0
Borrowings			0
Net investment income			1
Short-term capital gains proceeds from the sale of assets			0
Long-term capital gains proceeds from the sale of assets			0
Non-capital gains proceeds from the sale of assets			0
Distributions on account of preferred and common equity			0
Total			1

Investment Portfolio - Composit

Investment Portfolio - Composition by Investment Type (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2024		Dec. 31, 2023
Schedule of Investments [Line Items]
Amortized Cost		$ 119,830		$ 0
Fair Value		$ 120,049	[1]	$ 0
Percentage of Portfolio | Investment Type Risk
Schedule of Investments [Line Items]
Percentage of Portfolio		100%
Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio		100%
Senior Secured Loans—First Lien
Schedule of Investments [Line Items]
Amortized Cost		$ 111,811
Fair Value	[1]	$ 111,771
Senior Secured Loans—First Lien | Percentage of Portfolio | Investment Type Risk
Schedule of Investments [Line Items]
Percentage of Portfolio		93.10%
Asset Based Finance
Schedule of Investments [Line Items]
Amortized Cost		$ 8,019
Fair Value	[1]	$ 8,278
Asset Based Finance | Percentage of Portfolio | Investment Type Risk
Schedule of Investments [Line Items]
Percentage of Portfolio		6.90%
[1]See Note 7 for additional information regarding the fair value of the Company’s financial instruments

Investment Portfolio - Narrativ

Investment Portfolio - Narrative (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Investment Company [Abstract]
Unfunded commitments	$ 15,630
Unfunded equity/other commitments	$ 11,286

Investment Portfolio - Compos_2

Investment Portfolio - Composition by Industry Sector (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024		Dec. 31, 2023
Schedule of Investments [Line Items]
Fair Value	$ 120,049	[1]	$ 0
Capital Goods
Schedule of Investments [Line Items]
Fair Value	16,594
Consumer Services
Schedule of Investments [Line Items]
Fair Value	2,286
Equity Real Estate Investment Trusts (REITs)
Schedule of Investments [Line Items]
Fair Value	6,032
Financial Services
Schedule of Investments [Line Items]
Fair Value	6,852
Health Care Equipment & Services
Schedule of Investments [Line Items]
Fair Value	25,044
Insurance
Schedule of Investments [Line Items]
Fair Value	26,088
Materials
Schedule of Investments [Line Items]
Fair Value	4,470
Real Estate Management & Development
Schedule of Investments [Line Items]
Fair Value	1,446
Software & Services
Schedule of Investments [Line Items]
Fair Value	16,705
Technology Hardware & Equipment
Schedule of Investments [Line Items]
Fair Value	5,476
Transportation
Schedule of Investments [Line Items]
Fair Value	$ 9,056
Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	100%
Percentage of Portfolio | Capital Goods | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	13.80%
Percentage of Portfolio | Consumer Services | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	1.90%
Percentage of Portfolio | Equity Real Estate Investment Trusts (REITs) | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	5%
Percentage of Portfolio | Financial Services | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	5.70%
Percentage of Portfolio | Health Care Equipment & Services | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	20.90%
Percentage of Portfolio | Insurance | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	21.70%
Percentage of Portfolio | Materials | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	3.70%
Percentage of Portfolio | Real Estate Management & Development | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	1.20%
Percentage of Portfolio | Software & Services | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	13.90%
Percentage of Portfolio | Technology Hardware & Equipment | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	4.60%
Percentage of Portfolio | Transportation | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	7.60%
[1]See Note 7 for additional information regarding the fair value of the Company’s financial instruments

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Jun. 30, 2024		Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment fair value	$ 120,049	[1]	$ 0
Level 1—Price quotations in active markets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment fair value	0
Level 2—Significant other observable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment fair value	1,446
Level 3—Significant unobservable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment fair value	$ 118,603
[1]See Note 7 for additional information regarding the fair value of the Company’s financial instruments

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Roll Forward Level III (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Senior Secured Loans—First Lien
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 0
Accretion of discount (amortization of premium)	12
Purchases	111,970
Paid-in-kind interest	0
Sales and repayments	(171)
Transfers into Level 3	0
Transfers out of Level 3	0
Fair value at end of period	111,771
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	(40)
Senior Secured Loans—First Lien | Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)/ Net change in unrealized appreciation (depreciation)	0
Senior Secured Loans—First Lien | Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)/ Net change in unrealized appreciation (depreciation)	(40)
Total
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	0
Accretion of discount (amortization of premium)	12
Purchases	118,543
Paid-in-kind interest	0
Sales and repayments	(171)
Transfers into Level 3	0
Transfers out of Level 3	0
Fair value at end of period	118,603
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	219
Total | Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)/ Net change in unrealized appreciation (depreciation)	0
Total | Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)/ Net change in unrealized appreciation (depreciation)	219
Asset Based Finance | Total
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	0
Accretion of discount (amortization of premium)	0
Purchases	6,573
Paid-in-kind interest	0
Sales and repayments	0
Transfers into Level 3	0
Transfers out of Level 3	0
Fair value at end of period	6,832
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	259
Asset Based Finance | Total | Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)/ Net change in unrealized appreciation (depreciation)	0
Asset Based Finance | Total | Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)/ Net change in unrealized appreciation (depreciation)	$ 259

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Unobservable Inputs (Details) $ in Thousands	Jun. 30, 2024 USD ($)		Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment fair value	$ 120,049	[1]	$ 0
Level 3—Significant unobservable inputs
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment fair value	118,603
Level 3—Significant unobservable inputs | Senior Debt | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment fair value	$ 98,263
Level 3—Significant unobservable inputs | Senior Debt | Discounted Cash Flow | Range (Weighted Average) | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.095
Level 3—Significant unobservable inputs | Senior Debt | Discounted Cash Flow | Range (Weighted Average) | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.115
Level 3—Significant unobservable inputs | Senior Debt | Discounted Cash Flow | Range (Weighted Average) | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.102
Level 3—Significant unobservable inputs | Senior Debt | Cost
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment fair value	$ 13,508
Level 3—Significant unobservable inputs | Asset Based Finance
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment fair value	$ 6,832
Level 3—Significant unobservable inputs | Asset Based Finance | Range (Weighted Average) | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.083
Level 3—Significant unobservable inputs | Asset Based Finance | Range (Weighted Average) | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.16
Level 3—Significant unobservable inputs | Asset Based Finance | Range (Weighted Average) | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.092
[1]See Note 7 for additional information regarding the fair value of the Company’s financial instruments

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($)	1 Months Ended	6 Months Ended
	Aug. 09, 2024	Jun. 30, 2024	May 09, 2024	Dec. 31, 2023
Financial Support for Nonconsolidated Legal Entity [Line Items]
Long-term purchase commitment, termination insolvency proceeding period			60 days
Capital condition amount			$ 250,000,000
Payable for investments purchased		$ 35,590,000		$ 0
Unfunded commitments		15,630,000
Guarantee commitment		0		$ 0
Debt Securities, Revolving Credit Facility
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments		5,986,000
Debt Securities, Delayed Draw Term Loan
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments		9,644,000
Debt Securities
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unrealized appreciation (depreciation) on unfunded commitments		(38,000)
Affiliated Entity
Financial Support for Nonconsolidated Legal Entity [Line Items]
Cost basis of investments purchase		29,302,000
Payable for investments purchased		$ 26,715,000
Affiliated Entity | Subsequent Event
Financial Support for Nonconsolidated Legal Entity [Line Items]
Cost basis of investments purchase	$ 34,583,000

Commitments and Contingencies_2

Commitments and Contingencies - Unfunded Commitments (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	$ 15,630
Unfunded Equity/Other commitments	11,286
Investment, Identifier [Axis]: Ardonagh Group Ltd/The
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	97
Investment, Identifier [Axis]: CSafe Global 1
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	292
Investment, Identifier [Axis]: CSafe Global 2
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	489
Investment, Identifier [Axis]: Cadence Education LLC 1
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	353
Investment, Identifier [Axis]: Cadence Education LLC 2
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	600
Investment, Identifier [Axis]: Dental365 LLC 1
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	752
Investment, Identifier [Axis]: Dental365 LLC 2
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	2,034
Investment, Identifier [Axis]: DuBois Chemicals Inc 1
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	752
Investment, Identifier [Axis]: DuBois Chemicals Inc 2
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	752
Investment, Identifier [Axis]: Galway Partners Holdings LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	542
Investment, Identifier [Axis]: Insightsoftware.Com Inc 1
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	193
Investment, Identifier [Axis]: Insightsoftware.Com Inc 2
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	841
Investment, Identifier [Axis]: Model N Inc 1
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	497
Investment, Identifier [Axis]: Model N Inc 2
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	933
Investment, Identifier [Axis]: OEConnection LLC 1
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	400
Investment, Identifier [Axis]: OEConnection LLC 2
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	640
Investment, Identifier [Axis]: PSC Group 1
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	89
Investment, Identifier [Axis]: PSC Group 2
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	231
Investment, Identifier [Axis]: STV Group Inc 1
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	321
Investment, Identifier [Axis]: STV Group Inc 2
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	492
Investment, Identifier [Axis]: Turnpoint Services Inc 1
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	558
Investment, Identifier [Axis]: Turnpoint Services Inc 2
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	892
Investment, Identifier [Axis]: Wealth Enhancement Group LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	298
Investment, Identifier [Axis]: Woolpert Inc 1
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	742
Investment, Identifier [Axis]: Woolpert Inc 2
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	$ 1,840

Financial Highlights (Details)

Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2024	Jun. 30, 2024		Dec. 31, 2023
Investment Company, Financial Highlights [Roll Forward]
Net asset value, beginning of period (in dollars per share)	$ 25	$ 25
Results of operations
Net investment income (loss) (in dollars per share)		1.23
Net realized gain (loss) and unrealized appreciation (depreciation) (in dollars per share)		(0.60)
Net increase (decrease) in net assets resulting from operations (in dollars per share)		0.63
Shareholder distributions
Distributions from net investment income (in dollars per share)		(0.28)
Net decrease in net assets resulting from shareholder distributions (in dollars per share)		(0.28)
Capital share transactions
Issuance of Common Shares (in dollars per share)		0
Net increase (decrease) in net assets resulting from capital share transactions (in dollars per share)		0
Net asset value, end of period (in dollars per share)		$ 25.35
Shares outstanding, end of period (in shares)		6,095,697		40
Total return based on net asset value		2.52%
Ratio/Supplemental Data:
Net assets, end of period	$ 45,156	$ 154,549	[1]	$ 1
Ratio of net investment income to average net assets		9.59%
Ratio of total operating expenses to average net assets		4.37%
Ratio of waived expenses to average net assets		(3.65%)
Ratio of net operating expenses to average net assets		0.72%
Portfolio turnover		0.26%
Total amount of senior securities outstanding, exclusive of treasury securities		$ 1,439
Asset coverage per unit (in dollars per share)		$ 108.40
Ratio of accrued capital gains incentive fees to average net assets		0.05%
[1]See Note 7 for additional information regarding the fair value of the Company’s financial instruments

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 26, 2024	Aug. 28, 2024	Aug. 01, 2024	Jul. 31, 2024	Jul. 29, 2024	Jul. 11, 2024	Jul. 02, 2024	Jul. 01, 2024	Jun. 11, 2024
Subsequent Event [Line Items]
Distributions declared per share (in dollars per share)									$ 0.2
Forecast
Subsequent Event [Line Items]
Distribution cash paid per share (in dollars per share)	$ 0.2	$ 0.2
Subsequent Event
Subsequent Event [Line Items]
Distributions declared per share (in dollars per share)				$ 0.2		$ 0.2
Distribution cash paid per share (in dollars per share)					$ 0.2
Subsequent Event | Revolving Credit Facility | Senior Secured Revolving Credit Facility
Subsequent Event [Line Items]
Initial aggregate amount							$ 50
Subsequent Event | Revolving Credit Facility | Senior Secured Revolving Credit Facility | Line of Credit
Subsequent Event [Line Items]
Initial aggregate amount							$ 250
Basis spread on variable rate							2.125%
Commitment fee percentage							0.375%
Asset coverage per ratio							150%
Subsequent Event | Revolving Credit Facility | Senior Secured Revolving Credit Facility | Line of Credit | SOFR
Subsequent Event [Line Items]
Basis spread on variable rate							2.125%
Subsequent Event | Revolving Credit Facility | Senior Secured Revolving Credit Facility | Line of Credit | Prime Rate
Subsequent Event [Line Items]
Basis spread on variable rate							1.125%
Subsequent Event | Letter of Credit | Senior Secured Revolving Credit Facility | Line of Credit
Subsequent Event [Line Items]
Initial aggregate amount							$ 10
Private Placement | Subsequent Event
Subsequent Event [Line Items]
Net Proceeds from Share Transactions (in shares)								1,227,036
Net Proceeds from Share Transactions			$ 42,120					$ 31,105
Dividends			12%
Share issued, price per share (in dollars per share)			$ 3,000
Original issuance amount (in dollars per share)			$ 300